Correlation Between NEM INSURANCE and UNION HOMES
Specify exactly 2 symbols:
By analyzing existing cross correlation between NEM INSURANCE PLC and UNION HOMES SAVINGS, you can compare the effects of market volatilities on NEM INSURANCE and UNION HOMES 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 NEM INSURANCE with a short position of UNION HOMES. Check out your portfolio center. Please also check ongoing floating volatility patterns of NEM INSURANCE and UNION HOMES.
Diversification Opportunities for NEM INSURANCE and UNION HOMES
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between NEM and UNION is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding NEM INSURANCE PLC and UNION HOMES SAVINGS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UNION HOMES SAVINGS and NEM 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 NEM INSURANCE PLC are associated (or correlated) with UNION HOMES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UNION HOMES SAVINGS has no effect on the direction of NEM INSURANCE i.e., NEM INSURANCE and UNION HOMES go up and down completely randomly.
Pair Corralation between NEM INSURANCE and UNION HOMES
If you would invest 513.00 in NEM INSURANCE PLC on August 31, 2024 and sell it today you would earn a total of 337.00 from holding NEM INSURANCE PLC or generate 65.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.73% |
| Values | Daily Returns |
NEM INSURANCE PLC vs. UNION HOMES SAVINGS
Performance |
| Timeline |
| NEM INSURANCE PLC |
| UNION HOMES SAVINGS |
NEM INSURANCE and UNION HOMES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NEM INSURANCE and UNION HOMES
The main advantage of trading using opposite NEM INSURANCE and UNION HOMES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NEM INSURANCE position performs unexpectedly, UNION HOMES 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 UNION HOMES will offset losses from the drop in UNION HOMES's long position.| NEM INSURANCE vs. SECURE ELECTRONIC TECHNOLOGY | NEM INSURANCE vs. VFD GROUP | NEM INSURANCE vs. AFROMEDIA PLC | NEM INSURANCE vs. DEAP CAPITAL MANAGEMENT |
| UNION HOMES vs. SECURE ELECTRONIC TECHNOLOGY | UNION HOMES vs. VFD GROUP | UNION HOMES vs. AFROMEDIA PLC | UNION HOMES vs. DEAP CAPITAL MANAGEMENT |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
Other Complementary Tools
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Global Correlations Find global opportunities by holding instruments from different markets |