Correlation Between EGX 33 and Ismailia Development
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By analyzing existing cross correlation between EGX 33 Shariah and Ismailia Development and, you can compare the effects of market volatilities on EGX 33 and Ismailia Development 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 Ismailia Development. Check out your portfolio center. Please also check ongoing floating volatility patterns of EGX 33 and Ismailia Development.
Diversification Opportunities for EGX 33 and Ismailia Development
-0.49 | Correlation Coefficient |
Very good diversification
The 3 months correlation between EGX and Ismailia is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding EGX 33 Shariah and Ismailia Development and in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ismailia Development and 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 Ismailia Development. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ismailia Development and has no effect on the direction of EGX 33 i.e., EGX 33 and Ismailia Development go up and down completely randomly.
Pair Corralation between EGX 33 and Ismailia Development
Assuming the 90 days trading horizon EGX 33 is expected to generate 27.77 times less return on investment than Ismailia Development. But when comparing it to its historical volatility, EGX 33 Shariah is 3.72 times less risky than Ismailia Development. It trades about 0.05 of its potential returns per unit of risk. Ismailia Development and is currently generating about 0.35 of returns per unit of risk over similar time horizon. If you would invest 1,575 in Ismailia Development and on October 22, 2024 and sell it today you would earn a total of 439.00 from holding Ismailia Development and or generate 27.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
EGX 33 Shariah vs. Ismailia Development and
Performance |
| Timeline |
EGX 33 and Ismailia Development Volatility Contrast
Predicted Return Density |
| Returns |
EGX 33 Shariah
Pair trading matchups for EGX 33
Ismailia Development and
Pair trading matchups for Ismailia Development
Pair Trading with EGX 33 and Ismailia Development
The main advantage of trading using opposite EGX 33 and Ismailia Development positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EGX 33 position performs unexpectedly, Ismailia Development 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 Ismailia Development will offset losses from the drop in Ismailia Development's long position.| EGX 33 vs. Medical Packaging | EGX 33 vs. Delta Construction Rebuilding | EGX 33 vs. Al Khair River | EGX 33 vs. Orascom Construction PLC |
| Ismailia Development vs. Golden Textiles Clothes | Ismailia Development vs. Atlas For Investment | Ismailia Development vs. ODIN Investments | Ismailia Development vs. Nile City Investment |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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