Correlation Between EGX 33 and National Drilling
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By analyzing existing cross correlation between EGX 33 Shariah and National Drilling, you can compare the effects of market volatilities on EGX 33 and National Drilling 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 National Drilling. Check out your portfolio center. Please also check ongoing floating volatility patterns of EGX 33 and National Drilling.
Diversification Opportunities for EGX 33 and National Drilling
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between EGX and National is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding EGX 33 Shariah and National Drilling in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on National Drilling 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 National Drilling. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of National Drilling has no effect on the direction of EGX 33 i.e., EGX 33 and National Drilling go up and down completely randomly.
Pair Corralation between EGX 33 and National Drilling
If you would invest 313,290 in EGX 33 Shariah on September 13, 2024 and sell it today you would earn a total of 5,077 from holding EGX 33 Shariah or generate 1.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 97.22% |
| Values | Daily Returns |
EGX 33 Shariah vs. National Drilling
Performance |
| Timeline |
EGX 33 and National Drilling Volatility Contrast
Predicted Return Density |
| Returns |
EGX 33 Shariah
Pair trading matchups for EGX 33
National Drilling
Pair trading matchups for National Drilling
Pair Trading with EGX 33 and National Drilling
The main advantage of trading using opposite EGX 33 and National Drilling positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EGX 33 position performs unexpectedly, National Drilling 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 National Drilling will offset losses from the drop in National Drilling's long position.| EGX 33 vs. Dice Sport Casual | EGX 33 vs. Nozha International Hospital | EGX 33 vs. Arab Moltaka Investments | EGX 33 vs. Golden Textiles Clothes |
| National Drilling vs. Delta Insurance | National Drilling vs. Suez Canal Bank | National Drilling vs. B Investments Holding | National Drilling vs. Orascom Financial Holding |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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