Correlation Between EGX 33 and International
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By analyzing existing cross correlation between EGX 33 Shariah and International Co For, you can compare the effects of market volatilities on EGX 33 and 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 International. Check out your portfolio center. Please also check ongoing floating volatility patterns of EGX 33 and International.
Diversification Opportunities for EGX 33 and International
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between EGX and International is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding EGX 33 Shariah and International Co For in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on International Co For 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 International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of International Co For has no effect on the direction of EGX 33 i.e., EGX 33 and International go up and down completely randomly.
Pair Corralation between EGX 33 and International
Assuming the 90 days trading horizon EGX 33 Shariah is expected to generate 0.31 times more return on investment than International. However, EGX 33 Shariah is 3.2 times less risky than International. It trades about 0.04 of its potential returns per unit of risk. International Co For is currently generating about -0.28 per unit of risk. If you would invest 317,221 in EGX 33 Shariah on September 19, 2024 and sell it today you would earn a total of 1,371 from holding EGX 33 Shariah or generate 0.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
EGX 33 Shariah vs. International Co For
Performance |
| Timeline |
EGX 33 and International Volatility Contrast
Predicted Return Density |
| Returns |
EGX 33 Shariah
Pair trading matchups for EGX 33
International Co For
Pair trading matchups for International
Pair Trading with EGX 33 and International
The main advantage of trading using opposite EGX 33 and International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EGX 33 position performs unexpectedly, 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 International will offset losses from the drop in International's long position.| EGX 33 vs. Nozha International Hospital | EGX 33 vs. National Drilling | EGX 33 vs. Ismailia National Food | EGX 33 vs. Arab Aluminum |
| International vs. Cairo Oils Soap | International vs. Al Arafa Investment | International vs. Sidi Kerir Petrochemicals | International vs. Paint Chemicals Industries |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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