Correlation Between ICON PROPERTIES and AIRTEL MALAWI
Specify exactly 2 symbols:
By analyzing existing cross correlation between ICON PROPERTIES LIMITED and AIRTEL MALAWI PLC, you can compare the effects of market volatilities on ICON PROPERTIES and AIRTEL MALAWI 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 ICON PROPERTIES with a short position of AIRTEL MALAWI. Check out your portfolio center. Please also check ongoing floating volatility patterns of ICON PROPERTIES and AIRTEL MALAWI.
Diversification Opportunities for ICON PROPERTIES and AIRTEL MALAWI
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between ICON and AIRTEL is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding ICON PROPERTIES LIMITED and AIRTEL MALAWI PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AIRTEL MALAWI PLC and ICON PROPERTIES 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 ICON PROPERTIES LIMITED are associated (or correlated) with AIRTEL MALAWI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AIRTEL MALAWI PLC has no effect on the direction of ICON PROPERTIES i.e., ICON PROPERTIES and AIRTEL MALAWI go up and down completely randomly.
Pair Corralation between ICON PROPERTIES and AIRTEL MALAWI
Assuming the 90 days trading horizon ICON PROPERTIES LIMITED is expected to generate 0.76 times more return on investment than AIRTEL MALAWI. However, ICON PROPERTIES LIMITED is 1.31 times less risky than AIRTEL MALAWI. It trades about 0.06 of its potential returns per unit of risk. AIRTEL MALAWI PLC is currently generating about 0.04 per unit of risk. If you would invest 1,192 in ICON PROPERTIES LIMITED on November 2, 2024 and sell it today you would earn a total of 612.00 from holding ICON PROPERTIES LIMITED or generate 51.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.8% |
| Values | Daily Returns |
ICON PROPERTIES LIMITED vs. AIRTEL MALAWI PLC
Performance |
| Timeline |
| ICON PROPERTIES |
| AIRTEL MALAWI PLC |
ICON PROPERTIES and AIRTEL MALAWI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ICON PROPERTIES and AIRTEL MALAWI
The main advantage of trading using opposite ICON PROPERTIES and AIRTEL MALAWI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ICON PROPERTIES position performs unexpectedly, AIRTEL MALAWI 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 AIRTEL MALAWI will offset losses from the drop in AIRTEL MALAWI's long position.| ICON PROPERTIES vs. NBS BANK LIMITED | ICON PROPERTIES vs. MALAWI PROPERTY INVESTMENT | ICON PROPERTIES vs. NATIONAL INVESTMENT TRUST | ICON PROPERTIES vs. BLANTYRE HOTELS LIMITED |
| AIRTEL MALAWI vs. FDH BANK PLC | AIRTEL MALAWI vs. NATIONAL INVESTMENT TRUST | AIRTEL MALAWI vs. STANDARD BANK LIMITED | AIRTEL MALAWI vs. NBS BANK LIMITED |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
Other Complementary Tools
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities |