Correlation Between CENTUM INVESTMENT and NATION MEDIA
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By analyzing existing cross correlation between CENTUM INVESTMENT PANY and NATION MEDIA GROUP, you can compare the effects of market volatilities on CENTUM INVESTMENT and NATION MEDIA and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in CENTUM INVESTMENT with a short position of NATION MEDIA. Check out your portfolio center. Please also check ongoing floating volatility patterns of CENTUM INVESTMENT and NATION MEDIA.
Diversification Opportunities for CENTUM INVESTMENT and NATION MEDIA
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between CENTUM and NATION is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding CENTUM INVESTMENT PANY and NATION MEDIA GROUP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NATION MEDIA GROUP and CENTUM INVESTMENT is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on CENTUM INVESTMENT PANY are associated (or correlated) with NATION MEDIA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NATION MEDIA GROUP has no effect on the direction of CENTUM INVESTMENT i.e., CENTUM INVESTMENT and NATION MEDIA go up and down completely randomly.
Pair Corralation between CENTUM INVESTMENT and NATION MEDIA
Assuming the 90 days trading horizon CENTUM INVESTMENT PANY is expected to generate 1.53 times more return on investment than NATION MEDIA. However, CENTUM INVESTMENT is 1.53 times more volatile than NATION MEDIA GROUP. It trades about 0.03 of its potential returns per unit of risk. NATION MEDIA GROUP is currently generating about -0.01 per unit of risk. If you would invest 814.00 in CENTUM INVESTMENT PANY on September 4, 2024 and sell it today you would earn a total of 156.00 from holding CENTUM INVESTMENT PANY or generate 19.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CENTUM INVESTMENT PANY vs. NATION MEDIA GROUP
Performance |
| Timeline |
| CENTUM INVESTMENT PANY |
| NATION MEDIA GROUP |
CENTUM INVESTMENT and NATION MEDIA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CENTUM INVESTMENT and NATION MEDIA
The main advantage of trading using opposite CENTUM INVESTMENT and NATION MEDIA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CENTUM INVESTMENT position performs unexpectedly, NATION MEDIA can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in NATION MEDIA will offset losses from the drop in NATION MEDIA's long position.| CENTUM INVESTMENT vs. EQUITY GROUP HOLDINGS | CENTUM INVESTMENT vs. ABSA BANK OF | CENTUM INVESTMENT vs. BRITISH AMERICAN TOBACCO | CENTUM INVESTMENT vs. CO OPERATIVE BANK OF |
| NATION MEDIA vs. EQUITY GROUP HOLDINGS | NATION MEDIA vs. ABSA BANK OF | NATION MEDIA vs. BRITISH AMERICAN TOBACCO | NATION MEDIA vs. CO OPERATIVE BANK OF |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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