Correlation Between ECOBANK TRANSNATIONAL and AFRICAN ALLIANCE
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By analyzing existing cross correlation between ECOBANK TRANSNATIONAL INCORPORATED and AFRICAN ALLIANCE INSURANCE, you can compare the effects of market volatilities on ECOBANK TRANSNATIONAL and AFRICAN ALLIANCE 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 ECOBANK TRANSNATIONAL with a short position of AFRICAN ALLIANCE. Check out your portfolio center. Please also check ongoing floating volatility patterns of ECOBANK TRANSNATIONAL and AFRICAN ALLIANCE.
Diversification Opportunities for ECOBANK TRANSNATIONAL and AFRICAN ALLIANCE
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between ECOBANK and AFRICAN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ECOBANK TRANSNATIONAL INCORPOR and AFRICAN ALLIANCE INSURANCE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AFRICAN ALLIANCE INS and ECOBANK TRANSNATIONAL 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 ECOBANK TRANSNATIONAL INCORPORATED are associated (or correlated) with AFRICAN ALLIANCE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AFRICAN ALLIANCE INS has no effect on the direction of ECOBANK TRANSNATIONAL i.e., ECOBANK TRANSNATIONAL and AFRICAN ALLIANCE go up and down completely randomly.
Pair Corralation between ECOBANK TRANSNATIONAL and AFRICAN ALLIANCE
If you would invest 2,600 in ECOBANK TRANSNATIONAL INCORPORATED on November 6, 2024 and sell it today you would earn a total of 440.00 from holding ECOBANK TRANSNATIONAL INCORPORATED or generate 16.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 98.36% |
| Values | Daily Returns |
ECOBANK TRANSNATIONAL INCORPOR vs. AFRICAN ALLIANCE INSURANCE
Performance |
| Timeline |
| ECOBANK TRANSNATIONAL |
| AFRICAN ALLIANCE INS |
ECOBANK TRANSNATIONAL and AFRICAN ALLIANCE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ECOBANK TRANSNATIONAL and AFRICAN ALLIANCE
The main advantage of trading using opposite ECOBANK TRANSNATIONAL and AFRICAN ALLIANCE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ECOBANK TRANSNATIONAL position performs unexpectedly, AFRICAN ALLIANCE 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 AFRICAN ALLIANCE will offset losses from the drop in AFRICAN ALLIANCE's long position.| ECOBANK TRANSNATIONAL vs. UNITED BANK FOR | ECOBANK TRANSNATIONAL vs. ZENITH BANK PLC | ECOBANK TRANSNATIONAL vs. CUSTODIAN INVESTMENT PLC | ECOBANK TRANSNATIONAL vs. STERLING FINANCIAL HOLDINGS |
| AFRICAN ALLIANCE vs. NEM INSURANCE PLC | AFRICAN ALLIANCE vs. AIICO INSURANCE PLC | AFRICAN ALLIANCE vs. ASO SAVINGS AND | AFRICAN ALLIANCE vs. FIDSON HEALTHCARE 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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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