Correlation Between FIDELITY BANK and AFRICAN ALLIANCE
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By analyzing existing cross correlation between FIDELITY BANK PLC and AFRICAN ALLIANCE INSURANCE, you can compare the effects of market volatilities on FIDELITY BANK 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 FIDELITY BANK with a short position of AFRICAN ALLIANCE. Check out your portfolio center. Please also check ongoing floating volatility patterns of FIDELITY BANK and AFRICAN ALLIANCE.
Diversification Opportunities for FIDELITY BANK and AFRICAN ALLIANCE
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between FIDELITY and AFRICAN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding FIDELITY BANK PLC 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 FIDELITY BANK 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 FIDELITY BANK PLC 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 FIDELITY BANK i.e., FIDELITY BANK and AFRICAN ALLIANCE go up and down completely randomly.
Pair Corralation between FIDELITY BANK and AFRICAN ALLIANCE
If you would invest 420.00 in FIDELITY BANK PLC on September 3, 2024 and sell it today you would earn a total of 1,110 from holding FIDELITY BANK PLC or generate 264.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
FIDELITY BANK PLC vs. AFRICAN ALLIANCE INSURANCE
Performance |
| Timeline |
| FIDELITY BANK PLC |
| AFRICAN ALLIANCE INS |
FIDELITY BANK and AFRICAN ALLIANCE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FIDELITY BANK and AFRICAN ALLIANCE
The main advantage of trading using opposite FIDELITY BANK and AFRICAN ALLIANCE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FIDELITY BANK 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.| FIDELITY BANK vs. ZENITH BANK PLC | FIDELITY BANK vs. CORNERSTONE INSURANCE PLC | FIDELITY BANK vs. CORONATION INSURANCE PLC | FIDELITY BANK vs. GOLDLINK INSURANCE PLC |
| AFRICAN ALLIANCE vs. STANDARD ALLIANCE INSURANCE | AFRICAN ALLIANCE vs. CUSTODIAN INVESTMENT PLC | AFRICAN ALLIANCE vs. SOVEREIGN TRUST INSURANCE | AFRICAN ALLIANCE vs. AFROMEDIA PLC |
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