Correlation Between CONSOLIDATED HALLMARK and UNITED BANK
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By analyzing existing cross correlation between CONSOLIDATED HALLMARK INSURANCE and UNITED BANK FOR, you can compare the effects of market volatilities on CONSOLIDATED HALLMARK and UNITED 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 CONSOLIDATED HALLMARK with a short position of UNITED BANK. Check out your portfolio center. Please also check ongoing floating volatility patterns of CONSOLIDATED HALLMARK and UNITED BANK.
Diversification Opportunities for CONSOLIDATED HALLMARK and UNITED BANK
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between CONSOLIDATED and UNITED is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding CONSOLIDATED HALLMARK INSURANC and UNITED BANK FOR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UNITED BANK FOR and CONSOLIDATED HALLMARK 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 CONSOLIDATED HALLMARK INSURANCE are associated (or correlated) with UNITED BANK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UNITED BANK FOR has no effect on the direction of CONSOLIDATED HALLMARK i.e., CONSOLIDATED HALLMARK and UNITED BANK go up and down completely randomly.
Pair Corralation between CONSOLIDATED HALLMARK and UNITED BANK
Assuming the 90 days trading horizon CONSOLIDATED HALLMARK INSURANCE is expected to generate 1.81 times more return on investment than UNITED BANK. However, CONSOLIDATED HALLMARK is 1.81 times more volatile than UNITED BANK FOR. It trades about 0.34 of its potential returns per unit of risk. UNITED BANK FOR is currently generating about 0.11 per unit of risk. If you would invest 140.00 in CONSOLIDATED HALLMARK INSURANCE on October 24, 2024 and sell it today you would earn a total of 210.00 from holding CONSOLIDATED HALLMARK INSURANCE or generate 150.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CONSOLIDATED HALLMARK INSURANC vs. UNITED BANK FOR
Performance |
| Timeline |
| CONSOLIDATED HALLMARK |
| UNITED BANK FOR |
CONSOLIDATED HALLMARK and UNITED BANK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CONSOLIDATED HALLMARK and UNITED BANK
The main advantage of trading using opposite CONSOLIDATED HALLMARK and UNITED BANK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CONSOLIDATED HALLMARK position performs unexpectedly, UNITED 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 UNITED BANK will offset losses from the drop in UNITED BANK's long position.| CONSOLIDATED HALLMARK vs. CUSTODIAN INVESTMENT PLC | CONSOLIDATED HALLMARK vs. INTERNATIONAL ENERGY INSURANCE | CONSOLIDATED HALLMARK vs. WEMA BANK PLC | CONSOLIDATED HALLMARK vs. ASO SAVINGS AND |
| UNITED BANK vs. CUSTODIAN INVESTMENT PLC | UNITED BANK vs. AFRICAN ALLIANCE INSURANCE | UNITED BANK vs. CHAMPION BREWERIES PLC | UNITED BANK vs. ZENITH BANK 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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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