Correlation Between ODIN Investments and EGX 33
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By analyzing existing cross correlation between ODIN Investments and EGX 33 Shariah, you can compare the effects of market volatilities on ODIN Investments and EGX 33 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 ODIN Investments with a short position of EGX 33. Check out your portfolio center. Please also check ongoing floating volatility patterns of ODIN Investments and EGX 33.
Diversification Opportunities for ODIN Investments and EGX 33
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between ODIN and EGX is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding ODIN Investments and EGX 33 Shariah in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EGX 33 Shariah and ODIN Investments 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 ODIN Investments are associated (or correlated) with EGX 33. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EGX 33 Shariah has no effect on the direction of ODIN Investments i.e., ODIN Investments and EGX 33 go up and down completely randomly.
Pair Corralation between ODIN Investments and EGX 33
Assuming the 90 days trading horizon ODIN Investments is expected to under-perform the EGX 33. In addition to that, ODIN Investments is 1.7 times more volatile than EGX 33 Shariah. It trades about -0.16 of its total potential returns per unit of risk. EGX 33 Shariah is currently generating about 0.0 per unit of volatility. If you would invest 314,689 in EGX 33 Shariah on November 6, 2024 and sell it today you would lose (142.00) from holding EGX 33 Shariah or give up 0.05% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
ODIN Investments vs. EGX 33 Shariah
Performance |
| Timeline |
ODIN Investments and EGX 33 Volatility Contrast
Predicted Return Density |
| Returns |
ODIN Investments
Pair trading matchups for ODIN Investments
EGX 33 Shariah
Pair trading matchups for EGX 33
Pair Trading with ODIN Investments and EGX 33
The main advantage of trading using opposite ODIN Investments and EGX 33 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ODIN Investments position performs unexpectedly, EGX 33 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 EGX 33 will offset losses from the drop in EGX 33's long position.| ODIN Investments vs. Grand Investment Capital | ODIN Investments vs. El Nasr Clothes | ODIN Investments vs. Copper For Commercial | ODIN Investments vs. Al Arafa Investment |
| EGX 33 vs. Union National Bank | EGX 33 vs. Mohandes Insurance | EGX 33 vs. Act Financial | EGX 33 vs. Telecom Egypt |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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