Correlation Between SFS REAL and NIGERIAN BREWERIES
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By analyzing existing cross correlation between SFS REAL ESTATE and NIGERIAN BREWERIES PLC, you can compare the effects of market volatilities on SFS REAL and NIGERIAN BREWERIES 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 SFS REAL with a short position of NIGERIAN BREWERIES. Check out your portfolio center. Please also check ongoing floating volatility patterns of SFS REAL and NIGERIAN BREWERIES.
Diversification Opportunities for SFS REAL and NIGERIAN BREWERIES
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SFS and NIGERIAN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding SFS REAL ESTATE and NIGERIAN BREWERIES PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NIGERIAN BREWERIES PLC and SFS REAL 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 SFS REAL ESTATE are associated (or correlated) with NIGERIAN BREWERIES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NIGERIAN BREWERIES PLC has no effect on the direction of SFS REAL i.e., SFS REAL and NIGERIAN BREWERIES go up and down completely randomly.
Pair Corralation between SFS REAL and NIGERIAN BREWERIES
Assuming the 90 days trading horizon SFS REAL ESTATE is expected to generate 0.95 times more return on investment than NIGERIAN BREWERIES. However, SFS REAL ESTATE is 1.05 times less risky than NIGERIAN BREWERIES. It trades about 0.22 of its potential returns per unit of risk. NIGERIAN BREWERIES PLC is currently generating about 0.01 per unit of risk. If you would invest 10,140 in SFS REAL ESTATE on September 23, 2024 and sell it today you would earn a total of 7,805 from holding SFS REAL ESTATE or generate 76.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
SFS REAL ESTATE vs. NIGERIAN BREWERIES PLC
Performance |
| Timeline |
| SFS REAL ESTATE |
| NIGERIAN BREWERIES PLC |
SFS REAL and NIGERIAN BREWERIES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SFS REAL and NIGERIAN BREWERIES
The main advantage of trading using opposite SFS REAL and NIGERIAN BREWERIES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SFS REAL position performs unexpectedly, NIGERIAN BREWERIES 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 NIGERIAN BREWERIES will offset losses from the drop in NIGERIAN BREWERIES's long position.| SFS REAL vs. AXAMANSARD INSURANCE PLC | SFS REAL vs. SOVEREIGN TRUST INSURANCE | SFS REAL vs. AFRICAN ALLIANCE INSURANCE | SFS REAL vs. STANDARD ALLIANCE INSURANCE |
| NIGERIAN BREWERIES vs. ZENITH BANK PLC | NIGERIAN BREWERIES vs. GUINEA INSURANCE PLC | NIGERIAN BREWERIES vs. SECURE ELECTRONIC TECHNOLOGY | NIGERIAN BREWERIES vs. SFS REAL ESTATE |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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