Correlation Between IKEJA HOTELS and UNITY BANK
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By analyzing existing cross correlation between IKEJA HOTELS PLC and UNITY BANK PLC, you can compare the effects of market volatilities on IKEJA HOTELS and UNITY BANK 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 UNITY BANK. Check out your portfolio center. Please also check ongoing floating volatility patterns of IKEJA HOTELS and UNITY BANK.
Diversification Opportunities for IKEJA HOTELS and UNITY BANK
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IKEJA and UNITY is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IKEJA HOTELS PLC and UNITY BANK PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UNITY BANK PLC 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 UNITY BANK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UNITY BANK PLC has no effect on the direction of IKEJA HOTELS i.e., IKEJA HOTELS and UNITY BANK go up and down completely randomly.
Pair Corralation between IKEJA HOTELS and UNITY BANK
If you would invest 770.00 in IKEJA HOTELS PLC on October 24, 2024 and sell it today you would earn a total of 580.00 from holding IKEJA HOTELS PLC or generate 75.32% 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. UNITY BANK PLC
Performance |
| Timeline |
| IKEJA HOTELS PLC |
| UNITY BANK PLC |
IKEJA HOTELS and UNITY BANK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IKEJA HOTELS and UNITY BANK
The main advantage of trading using opposite IKEJA HOTELS and UNITY BANK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IKEJA HOTELS position performs unexpectedly, UNITY BANK 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 UNITY BANK will offset losses from the drop in UNITY BANK's long position.| IKEJA HOTELS vs. GUINEA INSURANCE PLC | IKEJA HOTELS vs. SECURE ELECTRONIC TECHNOLOGY | IKEJA HOTELS vs. SFS REAL ESTATE | IKEJA HOTELS vs. VFD GROUP |
| UNITY BANK vs. GUINEA INSURANCE PLC | UNITY BANK vs. SECURE ELECTRONIC TECHNOLOGY | UNITY BANK vs. SFS REAL ESTATE | UNITY BANK vs. VFD GROUP |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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