Correlation Between IKEJA HOTELS and TOTALENERGIES MARKETING
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By analyzing existing cross correlation between IKEJA HOTELS PLC and TOTALENERGIES MARKETING NIGERIA, you can compare the effects of market volatilities on IKEJA HOTELS and TOTALENERGIES MARKETING 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 IKEJA HOTELS with a short position of TOTALENERGIES MARKETING. Check out your portfolio center. Please also check ongoing floating volatility patterns of IKEJA HOTELS and TOTALENERGIES MARKETING.
Diversification Opportunities for IKEJA HOTELS and TOTALENERGIES MARKETING
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IKEJA and TOTALENERGIES is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IKEJA HOTELS PLC and TOTALENERGIES MARKETING NIGERI in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TOTALENERGIES MARKETING and IKEJA HOTELS 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 IKEJA HOTELS PLC are associated (or correlated) with TOTALENERGIES MARKETING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TOTALENERGIES MARKETING has no effect on the direction of IKEJA HOTELS i.e., IKEJA HOTELS and TOTALENERGIES MARKETING go up and down completely randomly.
Pair Corralation between IKEJA HOTELS and TOTALENERGIES MARKETING
Assuming the 90 days trading horizon IKEJA HOTELS PLC is expected to generate 2.67 times more return on investment than TOTALENERGIES MARKETING. However, IKEJA HOTELS is 2.67 times more volatile than TOTALENERGIES MARKETING NIGERIA. It trades about 0.11 of its potential returns per unit of risk. TOTALENERGIES MARKETING NIGERIA is currently generating about 0.18 per unit of risk. If you would invest 96.00 in IKEJA HOTELS PLC on September 3, 2024 and sell it today you would earn a total of 649.00 from holding IKEJA HOTELS PLC or generate 676.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
IKEJA HOTELS PLC vs. TOTALENERGIES MARKETING NIGERI
Performance |
| Timeline |
| IKEJA HOTELS PLC |
| TOTALENERGIES MARKETING |
IKEJA HOTELS and TOTALENERGIES MARKETING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IKEJA HOTELS and TOTALENERGIES MARKETING
The main advantage of trading using opposite IKEJA HOTELS and TOTALENERGIES MARKETING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IKEJA HOTELS position performs unexpectedly, TOTALENERGIES MARKETING 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 TOTALENERGIES MARKETING will offset losses from the drop in TOTALENERGIES MARKETING's long position.| IKEJA HOTELS vs. STANDARD ALLIANCE INSURANCE | IKEJA HOTELS vs. INTERNATIONAL BREWERIES PLC | IKEJA HOTELS vs. ASO SAVINGS AND | IKEJA HOTELS vs. CHAMPION BREWERIES 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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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