Correlation Between MULTI TREX and UNITY BANK
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By analyzing existing cross correlation between MULTI TREX INTEGRATED FOODS and UNITY BANK PLC, you can compare the effects of market volatilities on MULTI TREX 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 MULTI TREX with a short position of UNITY BANK. Check out your portfolio center. Please also check ongoing floating volatility patterns of MULTI TREX and UNITY BANK.
Diversification Opportunities for MULTI TREX and UNITY BANK
-1.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MULTI and UNITY is -1.0. Overlapping area represents the amount of risk that can be diversified away by holding MULTI TREX INTEGRATED FOODS 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 MULTI TREX 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 MULTI TREX INTEGRATED FOODS 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 MULTI TREX i.e., MULTI TREX and UNITY BANK go up and down completely randomly.
Pair Corralation between MULTI TREX and UNITY BANK
If you would invest 51.00 in UNITY BANK PLC on November 5, 2024 and sell it today you would earn a total of 100.00 from holding UNITY BANK PLC or generate 196.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Strong |
| Accuracy | 99.79% |
| Values | Daily Returns |
MULTI TREX INTEGRATED FOODS vs. UNITY BANK PLC
Performance |
| Timeline |
| MULTI TREX INTEGRATED |
| UNITY BANK PLC |
MULTI TREX and UNITY BANK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MULTI TREX and UNITY BANK
The main advantage of trading using opposite MULTI TREX and UNITY BANK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MULTI TREX 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.| MULTI TREX vs. CORNERSTONE INSURANCE PLC | MULTI TREX vs. AIICO INSURANCE PLC | MULTI TREX vs. INTERNATIONAL ENERGY INSURANCE | MULTI TREX vs. FIDELITY BANK PLC |
| UNITY BANK vs. LIVINGTRUST MORTGAGE BANK | UNITY BANK vs. ASO SAVINGS AND | UNITY BANK vs. UNITED BANK FOR | UNITY BANK vs. INDUSTRIAL MEDICAL GASES |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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