Correlation Between CHAMPION BREWERIES and UNITY BANK
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By analyzing existing cross correlation between CHAMPION BREWERIES PLC and UNITY BANK PLC, you can compare the effects of market volatilities on CHAMPION BREWERIES and UNITY BANK 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 CHAMPION BREWERIES with a short position of UNITY BANK. Check out your portfolio center. Please also check ongoing floating volatility patterns of CHAMPION BREWERIES and UNITY BANK.
Diversification Opportunities for CHAMPION BREWERIES and UNITY BANK
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CHAMPION and UNITY is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CHAMPION BREWERIES PLC and UNITY BANK PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UNITY BANK PLC and CHAMPION BREWERIES 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 CHAMPION BREWERIES PLC are associated (or correlated) with UNITY BANK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UNITY BANK PLC has no effect on the direction of CHAMPION BREWERIES i.e., CHAMPION BREWERIES and UNITY BANK go up and down completely randomly.
Pair Corralation between CHAMPION BREWERIES and UNITY BANK
If you would invest 390.00 in CHAMPION BREWERIES PLC on October 12, 2024 and sell it today you would earn a total of 30.00 from holding CHAMPION BREWERIES PLC or generate 7.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CHAMPION BREWERIES PLC vs. UNITY BANK PLC
Performance |
| Timeline |
| CHAMPION BREWERIES PLC |
| UNITY BANK PLC |
CHAMPION BREWERIES and UNITY BANK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CHAMPION BREWERIES and UNITY BANK
The main advantage of trading using opposite CHAMPION BREWERIES and UNITY BANK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CHAMPION BREWERIES position performs unexpectedly, UNITY BANK 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 UNITY BANK will offset losses from the drop in UNITY BANK's long position.| CHAMPION BREWERIES vs. C I LEASING | CHAMPION BREWERIES vs. AFRICAN ALLIANCE INSURANCE | CHAMPION BREWERIES vs. STERLING FINANCIAL HOLDINGS | CHAMPION BREWERIES vs. AFROMEDIA PLC |
| UNITY BANK vs. CHAMPION BREWERIES PLC | UNITY BANK vs. STACO INSURANCE PLC | UNITY BANK vs. ABBEY MORTGAGE BANK | UNITY BANK vs. NEM INSURANCE PLC |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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