Correlation Between Amaya Leisure and COMMERCIAL BANK
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By analyzing existing cross correlation between Amaya Leisure PLC and COMMERCIAL BANK OF, you can compare the effects of market volatilities on Amaya Leisure and COMMERCIAL 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 Amaya Leisure with a short position of COMMERCIAL BANK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amaya Leisure and COMMERCIAL BANK.
Diversification Opportunities for Amaya Leisure and COMMERCIAL BANK
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Amaya and COMMERCIAL is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding Amaya Leisure PLC and COMMERCIAL BANK OF in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COMMERCIAL BANK and Amaya Leisure 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 Amaya Leisure PLC are associated (or correlated) with COMMERCIAL BANK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COMMERCIAL BANK has no effect on the direction of Amaya Leisure i.e., Amaya Leisure and COMMERCIAL BANK go up and down completely randomly.
Pair Corralation between Amaya Leisure and COMMERCIAL BANK
Assuming the 90 days trading horizon Amaya Leisure is expected to generate 1.89 times less return on investment than COMMERCIAL BANK. In addition to that, Amaya Leisure is 1.19 times more volatile than COMMERCIAL BANK OF. It trades about 0.04 of its total potential returns per unit of risk. COMMERCIAL BANK OF is currently generating about 0.09 per unit of volatility. If you would invest 4,040 in COMMERCIAL BANK OF on August 31, 2024 and sell it today you would earn a total of 5,410 from holding COMMERCIAL BANK OF or generate 133.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 95.39% |
| Values | Daily Returns |
Amaya Leisure PLC vs. COMMERCIAL BANK OF
Performance |
| Timeline |
| Amaya Leisure PLC |
| COMMERCIAL BANK |
Amaya Leisure and COMMERCIAL BANK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amaya Leisure and COMMERCIAL BANK
The main advantage of trading using opposite Amaya Leisure and COMMERCIAL BANK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amaya Leisure position performs unexpectedly, COMMERCIAL 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 COMMERCIAL BANK will offset losses from the drop in COMMERCIAL BANK's long position.| Amaya Leisure vs. HNB Finance | Amaya Leisure vs. Prime Lands Residencies | Amaya Leisure vs. Jat Holdings PLC | Amaya Leisure vs. E M L |
| COMMERCIAL BANK vs. HNB Finance | COMMERCIAL BANK vs. Prime Lands Residencies | COMMERCIAL BANK vs. Jat Holdings PLC | COMMERCIAL BANK vs. E M L |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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