Correlation Between CORNERSTONE INSURANCE and AFROMEDIA PLC
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By analyzing existing cross correlation between CORNERSTONE INSURANCE PLC and AFROMEDIA PLC, you can compare the effects of market volatilities on CORNERSTONE INSURANCE and AFROMEDIA PLC 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 CORNERSTONE INSURANCE with a short position of AFROMEDIA PLC. Check out your portfolio center. Please also check ongoing floating volatility patterns of CORNERSTONE INSURANCE and AFROMEDIA PLC.
Diversification Opportunities for CORNERSTONE INSURANCE and AFROMEDIA PLC
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CORNERSTONE and AFROMEDIA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CORNERSTONE INSURANCE PLC and AFROMEDIA PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AFROMEDIA PLC and CORNERSTONE INSURANCE 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 CORNERSTONE INSURANCE PLC are associated (or correlated) with AFROMEDIA PLC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AFROMEDIA PLC has no effect on the direction of CORNERSTONE INSURANCE i.e., CORNERSTONE INSURANCE and AFROMEDIA PLC go up and down completely randomly.
Pair Corralation between CORNERSTONE INSURANCE and AFROMEDIA PLC
If you would invest 327.00 in CORNERSTONE INSURANCE PLC on October 25, 2024 and sell it today you would earn a total of 44.00 from holding CORNERSTONE INSURANCE PLC or generate 13.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.0% |
| Values | Daily Returns |
CORNERSTONE INSURANCE PLC vs. AFROMEDIA PLC
Performance |
| Timeline |
| CORNERSTONE INSURANCE PLC |
| AFROMEDIA PLC |
CORNERSTONE INSURANCE and AFROMEDIA PLC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CORNERSTONE INSURANCE and AFROMEDIA PLC
The main advantage of trading using opposite CORNERSTONE INSURANCE and AFROMEDIA PLC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CORNERSTONE INSURANCE position performs unexpectedly, AFROMEDIA PLC 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 AFROMEDIA PLC will offset losses from the drop in AFROMEDIA PLC's long position.| CORNERSTONE INSURANCE vs. GUINEA INSURANCE PLC | CORNERSTONE INSURANCE vs. SECURE ELECTRONIC TECHNOLOGY | CORNERSTONE INSURANCE vs. VETIVA BANKING ETF | CORNERSTONE INSURANCE vs. BUA FOODS PLC |
| AFROMEDIA PLC vs. GUINEA INSURANCE PLC | AFROMEDIA PLC vs. SECURE ELECTRONIC TECHNOLOGY | AFROMEDIA PLC vs. VETIVA BANKING ETF | AFROMEDIA PLC vs. BUA FOODS 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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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