Correlation Between Centrais Electricas and MUCOBA BANK
Specify exactly 2 symbols:
By analyzing existing cross correlation between Centrais Electricas Brasileiras and MUCOBA BANK PLC, you can compare the effects of market volatilities on Centrais Electricas and MUCOBA 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 Centrais Electricas with a short position of MUCOBA BANK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Centrais Electricas and MUCOBA BANK.
Diversification Opportunities for Centrais Electricas and MUCOBA BANK
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Centrais and MUCOBA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Centrais Electricas Brasileira and MUCOBA BANK PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MUCOBA BANK PLC and Centrais Electricas 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 Centrais Electricas Brasileiras are associated (or correlated) with MUCOBA BANK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MUCOBA BANK PLC has no effect on the direction of Centrais Electricas i.e., Centrais Electricas and MUCOBA BANK go up and down completely randomly.
Pair Corralation between Centrais Electricas and MUCOBA BANK
If you would invest 552.00 in Centrais Electricas Brasileiras on December 12, 2024 and sell it today you would earn a total of 121.00 from holding Centrais Electricas Brasileiras or generate 21.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 98.78% |
| Values | Daily Returns |
Centrais Electricas Brasileira vs. MUCOBA BANK PLC
Performance |
| Timeline |
| Centrais Electricas |
| MUCOBA BANK PLC |
Centrais Electricas and MUCOBA BANK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Centrais Electricas and MUCOBA BANK
The main advantage of trading using opposite Centrais Electricas and MUCOBA BANK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Centrais Electricas position performs unexpectedly, MUCOBA 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 MUCOBA BANK will offset losses from the drop in MUCOBA BANK's long position.| Centrais Electricas vs. Genie Energy | ||
| Centrais Electricas vs. Central Puerto SA | ||
| Centrais Electricas vs. Korea Electric Power | ||
| Centrais Electricas vs. Empresa Distribuidora y |
| MUCOBA BANK vs. CRDB BANK LTD | ||
| MUCOBA BANK vs. PRECISION AIR SERVICES | ||
| MUCOBA BANK vs. AFRIPRISE INVESTMENT PLC | ||
| MUCOBA BANK vs. UCHUMI SUPERMARKET LTD |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
| Stocks Directory Find actively traded stocks across global markets | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets |