Correlation Between Dice Sport and EGX 33
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By analyzing existing cross correlation between Dice Sport Casual and EGX 33 Shariah, you can compare the effects of market volatilities on Dice Sport and EGX 33 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 Dice Sport with a short position of EGX 33. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dice Sport and EGX 33.
Diversification Opportunities for Dice Sport and EGX 33
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Dice and EGX is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Dice Sport Casual and EGX 33 Shariah in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EGX 33 Shariah and Dice Sport 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 Dice Sport Casual are associated (or correlated) with EGX 33. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EGX 33 Shariah has no effect on the direction of Dice Sport i.e., Dice Sport and EGX 33 go up and down completely randomly.
Pair Corralation between Dice Sport and EGX 33
Assuming the 90 days trading horizon Dice Sport Casual is expected to generate 2.51 times more return on investment than EGX 33. However, Dice Sport is 2.51 times more volatile than EGX 33 Shariah. It trades about 0.08 of its potential returns per unit of risk. EGX 33 Shariah is currently generating about 0.09 per unit of risk. If you would invest 185.00 in Dice Sport Casual on September 2, 2024 and sell it today you would earn a total of 23.00 from holding Dice Sport Casual or generate 12.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Dice Sport Casual vs. EGX 33 Shariah
Performance |
| Timeline |
Dice Sport and EGX 33 Volatility Contrast
Predicted Return Density |
| Returns |
Dice Sport Casual
Pair trading matchups for Dice Sport
EGX 33 Shariah
Pair trading matchups for EGX 33
Pair Trading with Dice Sport and EGX 33
The main advantage of trading using opposite Dice Sport and EGX 33 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dice Sport position performs unexpectedly, EGX 33 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 EGX 33 will offset losses from the drop in EGX 33's long position.| Dice Sport vs. Egyptians For Investment | Dice Sport vs. Misr Oils Soap | Dice Sport vs. Global Telecom Holding | Dice Sport vs. Qatar Natl Bank |
| EGX 33 vs. Odin for Investment | EGX 33 vs. Atlas For Investment | EGX 33 vs. Nile City Investment | EGX 33 vs. Ismailia National Food |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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