Correlation Between NIGERIAN BREWERIES and STANDARD ALLIANCE
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By analyzing existing cross correlation between NIGERIAN BREWERIES PLC and STANDARD ALLIANCE INSURANCE, you can compare the effects of market volatilities on NIGERIAN BREWERIES and STANDARD ALLIANCE 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 NIGERIAN BREWERIES with a short position of STANDARD ALLIANCE. Check out your portfolio center. Please also check ongoing floating volatility patterns of NIGERIAN BREWERIES and STANDARD ALLIANCE.
Diversification Opportunities for NIGERIAN BREWERIES and STANDARD ALLIANCE
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between NIGERIAN and STANDARD is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding NIGERIAN BREWERIES PLC and STANDARD ALLIANCE INSURANCE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on STANDARD ALLIANCE and NIGERIAN BREWERIES 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 NIGERIAN BREWERIES PLC are associated (or correlated) with STANDARD ALLIANCE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of STANDARD ALLIANCE has no effect on the direction of NIGERIAN BREWERIES i.e., NIGERIAN BREWERIES and STANDARD ALLIANCE go up and down completely randomly.
Pair Corralation between NIGERIAN BREWERIES and STANDARD ALLIANCE
If you would invest 2,700 in NIGERIAN BREWERIES PLC on September 3, 2024 and sell it today you would earn a total of 0.00 from holding NIGERIAN BREWERIES PLC or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
NIGERIAN BREWERIES PLC vs. STANDARD ALLIANCE INSURANCE
Performance |
| Timeline |
| NIGERIAN BREWERIES PLC |
| STANDARD ALLIANCE |
NIGERIAN BREWERIES and STANDARD ALLIANCE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NIGERIAN BREWERIES and STANDARD ALLIANCE
The main advantage of trading using opposite NIGERIAN BREWERIES and STANDARD ALLIANCE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NIGERIAN BREWERIES position performs unexpectedly, STANDARD ALLIANCE 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 STANDARD ALLIANCE will offset losses from the drop in STANDARD ALLIANCE's long position.| NIGERIAN BREWERIES vs. AIICO INSURANCE PLC | NIGERIAN BREWERIES vs. STANDARD ALLIANCE INSURANCE | NIGERIAN BREWERIES vs. CUSTODIAN INVESTMENT PLC | NIGERIAN BREWERIES vs. CORNERSTONE INSURANCE PLC |
| STANDARD ALLIANCE vs. CONSOLIDATED HALLMARK INSURANCE | STANDARD ALLIANCE vs. SECURE ELECTRONIC TECHNOLOGY | STANDARD ALLIANCE vs. ZENITH BANK PLC | STANDARD ALLIANCE 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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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