Correlation Between INDUSTRIAL MEDICAL and AFRICAN ALLIANCE
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By analyzing existing cross correlation between INDUSTRIAL MEDICAL GASES and AFRICAN ALLIANCE INSURANCE, you can compare the effects of market volatilities on INDUSTRIAL MEDICAL and AFRICAN ALLIANCE 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 INDUSTRIAL MEDICAL with a short position of AFRICAN ALLIANCE. Check out your portfolio center. Please also check ongoing floating volatility patterns of INDUSTRIAL MEDICAL and AFRICAN ALLIANCE.
Diversification Opportunities for INDUSTRIAL MEDICAL and AFRICAN ALLIANCE
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between INDUSTRIAL and AFRICAN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding INDUSTRIAL MEDICAL GASES and AFRICAN ALLIANCE INSURANCE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AFRICAN ALLIANCE INS and INDUSTRIAL MEDICAL 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 INDUSTRIAL MEDICAL GASES are associated (or correlated) with AFRICAN ALLIANCE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AFRICAN ALLIANCE INS has no effect on the direction of INDUSTRIAL MEDICAL i.e., INDUSTRIAL MEDICAL and AFRICAN ALLIANCE go up and down completely randomly.
Pair Corralation between INDUSTRIAL MEDICAL and AFRICAN ALLIANCE
If you would invest 680.00 in INDUSTRIAL MEDICAL GASES on September 3, 2024 and sell it today you would earn a total of 3,115 from holding INDUSTRIAL MEDICAL GASES or generate 458.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 96.51% |
| Values | Daily Returns |
INDUSTRIAL MEDICAL GASES vs. AFRICAN ALLIANCE INSURANCE
Performance |
| Timeline |
| INDUSTRIAL MEDICAL GASES |
| AFRICAN ALLIANCE INS |
INDUSTRIAL MEDICAL and AFRICAN ALLIANCE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INDUSTRIAL MEDICAL and AFRICAN ALLIANCE
The main advantage of trading using opposite INDUSTRIAL MEDICAL and AFRICAN ALLIANCE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INDUSTRIAL MEDICAL position performs unexpectedly, AFRICAN ALLIANCE 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 AFRICAN ALLIANCE will offset losses from the drop in AFRICAN ALLIANCE's long position.| INDUSTRIAL MEDICAL vs. CORONATION INSURANCE PLC | INDUSTRIAL MEDICAL vs. AIICO INSURANCE PLC | INDUSTRIAL MEDICAL vs. SOVEREIGN TRUST INSURANCE | INDUSTRIAL MEDICAL vs. ECOBANK TRANSNATIONAL INCORPORATED |
| AFRICAN ALLIANCE vs. STANDARD ALLIANCE INSURANCE | AFRICAN ALLIANCE vs. CUSTODIAN INVESTMENT PLC | AFRICAN ALLIANCE vs. SOVEREIGN TRUST INSURANCE | AFRICAN ALLIANCE vs. AFROMEDIA 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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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