Correlation Between EGX 33 and Commercial International
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By analyzing existing cross correlation between EGX 33 Shariah and Commercial International Bank Egypt, you can compare the effects of market volatilities on EGX 33 and Commercial International 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 EGX 33 with a short position of Commercial International. Check out your portfolio center. Please also check ongoing floating volatility patterns of EGX 33 and Commercial International.
Diversification Opportunities for EGX 33 and Commercial International
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between EGX and Commercial is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding EGX 33 Shariah and Commercial International Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Commercial International and EGX 33 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 EGX 33 Shariah are associated (or correlated) with Commercial International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Commercial International has no effect on the direction of EGX 33 i.e., EGX 33 and Commercial International go up and down completely randomly.
Pair Corralation between EGX 33 and Commercial International
Assuming the 90 days trading horizon EGX 33 Shariah is expected to generate 0.54 times more return on investment than Commercial International. However, EGX 33 Shariah is 1.87 times less risky than Commercial International. It trades about 0.14 of its potential returns per unit of risk. Commercial International Bank Egypt is currently generating about 0.05 per unit of risk. If you would invest 260,972 in EGX 33 Shariah on November 28, 2024 and sell it today you would earn a total of 65,269 from holding EGX 33 Shariah or generate 25.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 36.2% |
| Values | Daily Returns |
EGX 33 Shariah vs. Commercial International Bank
Performance |
| Timeline |
EGX 33 and Commercial International Volatility Contrast
Predicted Return Density |
| Returns |
EGX 33 Shariah
Pair trading matchups for EGX 33
Commercial International Bank Egypt
Pair trading matchups for Commercial International
Pair Trading with EGX 33 and Commercial International
The main advantage of trading using opposite EGX 33 and Commercial International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EGX 33 position performs unexpectedly, Commercial International 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 Commercial International will offset losses from the drop in Commercial International's long position.| EGX 33 vs. Atlas For Investment | EGX 33 vs. Odin for Investment | EGX 33 vs. Grand Investment Capital | EGX 33 vs. Nile City Investment |
| Commercial International vs. The United Bank | Commercial International vs. Suez Canal Bank | Commercial International vs. QALA For Financial | Commercial International vs. Egyptian Gulf Bank |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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