Correlation Between KENYA RE and HOMEBOYZ ENTERTAINMENT
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By analyzing existing cross correlation between KENYA RE INSURANCE PORATION and HOMEBOYZ ENTERTAINMENT PLC, you can compare the effects of market volatilities on KENYA RE and HOMEBOYZ ENTERTAINMENT 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 KENYA RE with a short position of HOMEBOYZ ENTERTAINMENT. Check out your portfolio center. Please also check ongoing floating volatility patterns of KENYA RE and HOMEBOYZ ENTERTAINMENT.
Diversification Opportunities for KENYA RE and HOMEBOYZ ENTERTAINMENT
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between KENYA and HOMEBOYZ is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding KENYA RE INSURANCE PORATION and HOMEBOYZ ENTERTAINMENT PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HOMEBOYZ ENTERTAINMENT and KENYA RE 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 KENYA RE INSURANCE PORATION are associated (or correlated) with HOMEBOYZ ENTERTAINMENT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HOMEBOYZ ENTERTAINMENT has no effect on the direction of KENYA RE i.e., KENYA RE and HOMEBOYZ ENTERTAINMENT go up and down completely randomly.
Pair Corralation between KENYA RE and HOMEBOYZ ENTERTAINMENT
If you would invest 466.00 in HOMEBOYZ ENTERTAINMENT PLC on August 24, 2024 and sell it today you would earn a total of 0.00 from holding HOMEBOYZ ENTERTAINMENT PLC or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
KENYA RE INSURANCE PORATION vs. HOMEBOYZ ENTERTAINMENT PLC
Performance |
| Timeline |
| KENYA RE INSURANCE |
| HOMEBOYZ ENTERTAINMENT |
KENYA RE and HOMEBOYZ ENTERTAINMENT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with KENYA RE and HOMEBOYZ ENTERTAINMENT
The main advantage of trading using opposite KENYA RE and HOMEBOYZ ENTERTAINMENT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if KENYA RE position performs unexpectedly, HOMEBOYZ ENTERTAINMENT 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 HOMEBOYZ ENTERTAINMENT will offset losses from the drop in HOMEBOYZ ENTERTAINMENT's long position.| KENYA RE vs. CIC INSURANCE GROUP | KENYA RE vs. STANDARD CHARTERED BANK | KENYA RE vs. DIAMOND TRUST BANK | KENYA RE vs. ABSA BANK OF |
| HOMEBOYZ ENTERTAINMENT vs. STANDARD CHARTERED BANK | HOMEBOYZ ENTERTAINMENT vs. CARBACID INVESTMENTS LTD | HOMEBOYZ ENTERTAINMENT vs. DIAMOND TRUST BANK | HOMEBOYZ ENTERTAINMENT vs. CIC INSURANCE 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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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