Correlation Between Nile City and Elsaeed Contracting
Can any of the company-specific risk be diversified away by investing in both Nile City and Elsaeed Contracting at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Nile City and Elsaeed Contracting into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nile City Investment and Elsaeed Contracting Real, you can compare the effects of market volatilities on Nile City and Elsaeed Contracting 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 Nile City with a short position of Elsaeed Contracting. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nile City and Elsaeed Contracting.
Diversification Opportunities for Nile City and Elsaeed Contracting
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Nile and Elsaeed is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nile City Investment and Elsaeed Contracting Real in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Elsaeed Contracting Real and Nile City 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 Nile City Investment are associated (or correlated) with Elsaeed Contracting. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Elsaeed Contracting Real has no effect on the direction of Nile City i.e., Nile City and Elsaeed Contracting go up and down completely randomly.
Pair Corralation between Nile City and Elsaeed Contracting
If you would invest 78.00 in Elsaeed Contracting Real on September 14, 2024 and sell it today you would earn a total of 18.00 from holding Elsaeed Contracting Real or generate 23.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nile City Investment vs. Elsaeed Contracting Real
Performance |
| Timeline |
| Nile City Investment |
| Elsaeed Contracting Real |
Nile City and Elsaeed Contracting Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nile City and Elsaeed Contracting
The main advantage of trading using opposite Nile City and Elsaeed Contracting positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nile City position performs unexpectedly, Elsaeed Contracting 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 Elsaeed Contracting will offset losses from the drop in Elsaeed Contracting's long position.| Nile City vs. Paint Chemicals Industries | Nile City vs. Reacap Financial Investments | Nile City vs. Egyptians For Investment | Nile City vs. Misr Oils Soap |
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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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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