Correlation Between NEW MAURITIUS and AFREXIMBANK
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By analyzing existing cross correlation between NEW MAURITIUS HOTELS and AFREXIMBANK, you can compare the effects of market volatilities on NEW MAURITIUS and AFREXIMBANK 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 NEW MAURITIUS with a short position of AFREXIMBANK. Check out your portfolio center. Please also check ongoing floating volatility patterns of NEW MAURITIUS and AFREXIMBANK.
Diversification Opportunities for NEW MAURITIUS and AFREXIMBANK
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between NEW and AFREXIMBANK is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding NEW MAURITIUS HOTELS and AFREXIMBANK in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AFREXIMBANK and NEW MAURITIUS 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 NEW MAURITIUS HOTELS are associated (or correlated) with AFREXIMBANK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AFREXIMBANK has no effect on the direction of NEW MAURITIUS i.e., NEW MAURITIUS and AFREXIMBANK go up and down completely randomly.
Pair Corralation between NEW MAURITIUS and AFREXIMBANK
If you would invest 1,430 in NEW MAURITIUS HOTELS on August 27, 2024 and sell it today you would earn a total of 0.00 from holding NEW MAURITIUS HOTELS or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
NEW MAURITIUS HOTELS vs. AFREXIMBANK
Performance |
| Timeline |
| NEW MAURITIUS HOTELS |
| AFREXIMBANK |
NEW MAURITIUS and AFREXIMBANK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NEW MAURITIUS and AFREXIMBANK
The main advantage of trading using opposite NEW MAURITIUS and AFREXIMBANK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NEW MAURITIUS position performs unexpectedly, AFREXIMBANK 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 AFREXIMBANK will offset losses from the drop in AFREXIMBANK's long position.| NEW MAURITIUS vs. ASTORIA INVESTMENT LTD | NEW MAURITIUS vs. QUALITY BEVERAGES LTD | NEW MAURITIUS vs. PHOENIX BEVERAGES LTD | NEW MAURITIUS vs. CAVELL TOURISTIC INVESTMENTS |
| AFREXIMBANK vs. MCB GROUP LTD | AFREXIMBANK vs. LOTTOTECH LTD | AFREXIMBANK vs. NEW MAURITIUS HOTELS | AFREXIMBANK vs. MIWA SUGAR LIMITED |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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