Correlation Between AXAMANSARD INSURANCE and FIDELITY BANK
Specify exactly 2 symbols:
By analyzing existing cross correlation between AXAMANSARD INSURANCE PLC and FIDELITY BANK PLC, you can compare the effects of market volatilities on AXAMANSARD INSURANCE and FIDELITY 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 AXAMANSARD INSURANCE with a short position of FIDELITY BANK. Check out your portfolio center. Please also check ongoing floating volatility patterns of AXAMANSARD INSURANCE and FIDELITY BANK.
Diversification Opportunities for AXAMANSARD INSURANCE and FIDELITY BANK
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between AXAMANSARD and FIDELITY is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding AXAMANSARD INSURANCE PLC and FIDELITY BANK PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FIDELITY BANK PLC and AXAMANSARD INSURANCE 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 AXAMANSARD INSURANCE PLC are associated (or correlated) with FIDELITY BANK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FIDELITY BANK PLC has no effect on the direction of AXAMANSARD INSURANCE i.e., AXAMANSARD INSURANCE and FIDELITY BANK go up and down completely randomly.
Pair Corralation between AXAMANSARD INSURANCE and FIDELITY BANK
Assuming the 90 days trading horizon AXAMANSARD INSURANCE PLC is expected to generate 1.24 times more return on investment than FIDELITY BANK. However, AXAMANSARD INSURANCE is 1.24 times more volatile than FIDELITY BANK PLC. It trades about 0.49 of its potential returns per unit of risk. FIDELITY BANK PLC is currently generating about 0.28 per unit of risk. If you would invest 580.00 in AXAMANSARD INSURANCE PLC on August 28, 2024 and sell it today you would earn a total of 135.00 from holding AXAMANSARD INSURANCE PLC or generate 23.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.45% |
| Values | Daily Returns |
AXAMANSARD INSURANCE PLC vs. FIDELITY BANK PLC
Performance |
| Timeline |
| AXAMANSARD INSURANCE PLC |
| FIDELITY BANK PLC |
AXAMANSARD INSURANCE and FIDELITY BANK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AXAMANSARD INSURANCE and FIDELITY BANK
The main advantage of trading using opposite AXAMANSARD INSURANCE and FIDELITY BANK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AXAMANSARD INSURANCE position performs unexpectedly, FIDELITY 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 FIDELITY BANK will offset losses from the drop in FIDELITY BANK's long position.| AXAMANSARD INSURANCE vs. MULTIVERSE MINING AND | AXAMANSARD INSURANCE vs. ABC TRANSPORT PLC | AXAMANSARD INSURANCE vs. UNION HOMES REAL | AXAMANSARD INSURANCE vs. MULTI TREX INTEGRATED FOODS |
| FIDELITY BANK vs. GUINEA INSURANCE PLC | FIDELITY BANK vs. MEYER PLC | FIDELITY BANK vs. VETIVA INDUSTRIAL ETF |
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.
Other Complementary Tools
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets |