Correlation Between GUINEA INSURANCE and UNION HOMES
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By analyzing existing cross correlation between GUINEA INSURANCE PLC and UNION HOMES SAVINGS, you can compare the effects of market volatilities on GUINEA INSURANCE and UNION HOMES 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 GUINEA INSURANCE with a short position of UNION HOMES. Check out your portfolio center. Please also check ongoing floating volatility patterns of GUINEA INSURANCE and UNION HOMES.
Diversification Opportunities for GUINEA INSURANCE and UNION HOMES
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GUINEA and UNION is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GUINEA INSURANCE PLC and UNION HOMES SAVINGS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UNION HOMES SAVINGS and GUINEA INSURANCE 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 GUINEA INSURANCE PLC are associated (or correlated) with UNION HOMES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UNION HOMES SAVINGS has no effect on the direction of GUINEA INSURANCE i.e., GUINEA INSURANCE and UNION HOMES go up and down completely randomly.
Pair Corralation between GUINEA INSURANCE and UNION HOMES
If you would invest 20.00 in GUINEA INSURANCE PLC on October 25, 2024 and sell it today you would earn a total of 67.00 from holding GUINEA INSURANCE PLC or generate 335.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.22% |
| Values | Daily Returns |
GUINEA INSURANCE PLC vs. UNION HOMES SAVINGS
Performance |
| Timeline |
| GUINEA INSURANCE PLC |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
| UNION HOMES SAVINGS |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
GUINEA INSURANCE and UNION HOMES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GUINEA INSURANCE and UNION HOMES
The main advantage of trading using opposite GUINEA INSURANCE and UNION HOMES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GUINEA INSURANCE position performs unexpectedly, UNION HOMES 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 UNION HOMES will offset losses from the drop in UNION HOMES's long position.| GUINEA INSURANCE vs. TRANSCORP HOTELS PLC | GUINEA INSURANCE vs. ZENITH BANK PLC | GUINEA INSURANCE vs. VETIVA BANKING ETF | GUINEA INSURANCE vs. INDUSTRIAL MEDICAL GASES |
| UNION HOMES vs. ASO SAVINGS AND | UNION HOMES vs. UNITED BANK FOR | UNION HOMES vs. TRANSCORP HOTELS PLC | UNION HOMES vs. INDUSTRIAL MEDICAL GASES |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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