Correlation Between MUCOBA BANK and TOL GASES
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By analyzing existing cross correlation between MUCOBA BANK PLC and TOL GASES LTD, you can compare the effects of market volatilities on MUCOBA BANK and TOL GASES 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 MUCOBA BANK with a short position of TOL GASES. Check out your portfolio center. Please also check ongoing floating volatility patterns of MUCOBA BANK and TOL GASES.
Diversification Opportunities for MUCOBA BANK and TOL GASES
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MUCOBA and TOL is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding MUCOBA BANK PLC and TOL GASES LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TOL GASES LTD and MUCOBA BANK 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 MUCOBA BANK PLC are associated (or correlated) with TOL GASES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TOL GASES LTD has no effect on the direction of MUCOBA BANK i.e., MUCOBA BANK and TOL GASES go up and down completely randomly.
Pair Corralation between MUCOBA BANK and TOL GASES
If you would invest 67,000 in TOL GASES LTD on November 4, 2024 and sell it today you would earn a total of 0.00 from holding TOL GASES LTD or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 90.91% |
| Values | Daily Returns |
MUCOBA BANK PLC vs. TOL GASES LTD
Performance |
| Timeline |
| MUCOBA BANK PLC |
| TOL GASES LTD |
MUCOBA BANK and TOL GASES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MUCOBA BANK and TOL GASES
The main advantage of trading using opposite MUCOBA BANK and TOL GASES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MUCOBA BANK position performs unexpectedly, TOL GASES 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 TOL GASES will offset losses from the drop in TOL GASES's long position.| MUCOBA BANK vs. YETU MICROFINANCE PLC | MUCOBA BANK vs. CRDB BANK LTD | MUCOBA BANK vs. NATION MEDIA GROUP | MUCOBA BANK vs. MWALIMU MERCIAL BANK |
| TOL GASES vs. NATIONAL INVESTMENT PANY | TOL GASES vs. TANZANIA BREWERIES LTD | TOL GASES vs. EAST AFRICAN BREWERIES | TOL GASES vs. CRDB BANK LTD |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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