Correlation Between AXAMANSARD INSURANCE and UNITY BANK
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By analyzing existing cross correlation between AXAMANSARD INSURANCE PLC and UNITY BANK PLC, you can compare the effects of market volatilities on AXAMANSARD INSURANCE 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 AXAMANSARD INSURANCE with a short position of UNITY BANK. Check out your portfolio center. Please also check ongoing floating volatility patterns of AXAMANSARD INSURANCE and UNITY BANK.
Diversification Opportunities for AXAMANSARD INSURANCE and UNITY BANK
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between AXAMANSARD and UNITY is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding AXAMANSARD INSURANCE 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 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 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 AXAMANSARD INSURANCE i.e., AXAMANSARD INSURANCE and UNITY BANK go up and down completely randomly.
Pair Corralation between AXAMANSARD INSURANCE and UNITY BANK
If you would invest 590.00 in AXAMANSARD INSURANCE PLC on September 2, 2024 and sell it today you would earn a total of 114.00 from holding AXAMANSARD INSURANCE PLC or generate 19.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AXAMANSARD INSURANCE PLC vs. UNITY BANK PLC
Performance |
| Timeline |
| AXAMANSARD INSURANCE PLC |
| UNITY BANK PLC |
AXAMANSARD INSURANCE and UNITY BANK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AXAMANSARD INSURANCE and UNITY BANK
The main advantage of trading using opposite AXAMANSARD INSURANCE and UNITY BANK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AXAMANSARD INSURANCE 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.The idea behind AXAMANSARD INSURANCE PLC and UNITY BANK PLC pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| UNITY BANK vs. CONSOLIDATED HALLMARK INSURANCE | UNITY BANK vs. AXAMANSARD INSURANCE PLC | UNITY BANK vs. CORNERSTONE INSURANCE PLC | UNITY BANK vs. CORONATION INSURANCE 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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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