Correlation Between Gadwa For and EGX 33
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By analyzing existing cross correlation between Gadwa For Industrial and EGX 33 Shariah, you can compare the effects of market volatilities on Gadwa For 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 Gadwa For with a short position of EGX 33. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gadwa For and EGX 33.
Diversification Opportunities for Gadwa For and EGX 33
Very good diversification
The 3 months correlation between Gadwa and EGX is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding Gadwa For Industrial 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 Gadwa For 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 Gadwa For Industrial 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 Gadwa For i.e., Gadwa For and EGX 33 go up and down completely randomly.
Pair Corralation between Gadwa For and EGX 33
Assuming the 90 days trading horizon Gadwa For Industrial is expected to under-perform the EGX 33. In addition to that, Gadwa For is 2.13 times more volatile than EGX 33 Shariah. It trades about -0.71 of its total potential returns per unit of risk. EGX 33 Shariah is currently generating about -0.11 per unit of volatility. If you would invest 323,306 in EGX 33 Shariah on September 14, 2024 and sell it today you would lose (4,939) from holding EGX 33 Shariah or give up 1.53% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gadwa For Industrial vs. EGX 33 Shariah
Performance |
| Timeline |
Gadwa For and EGX 33 Volatility Contrast
Predicted Return Density |
| Returns |
Gadwa For Industrial
Pair trading matchups for Gadwa For
EGX 33 Shariah
Pair trading matchups for EGX 33
Pair Trading with Gadwa For and EGX 33
The main advantage of trading using opposite Gadwa For and EGX 33 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gadwa For 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.| Gadwa For vs. Paint Chemicals Industries | Gadwa For vs. Reacap Financial Investments | Gadwa For vs. Egyptians For Investment | Gadwa For vs. Misr Oils Soap |
| EGX 33 vs. Egypt Aluminum | EGX 33 vs. Misr Oils Soap | EGX 33 vs. Gadwa For Industrial | EGX 33 vs. Arabian Food Industries |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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