Correlation Between EGX 33 and Pyramisa Hotels
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By analyzing existing cross correlation between EGX 33 Shariah and Pyramisa Hotels, you can compare the effects of market volatilities on EGX 33 and Pyramisa Hotels 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 Pyramisa Hotels. Check out your portfolio center. Please also check ongoing floating volatility patterns of EGX 33 and Pyramisa Hotels.
Diversification Opportunities for EGX 33 and Pyramisa Hotels
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between EGX and Pyramisa is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding EGX 33 Shariah and Pyramisa Hotels in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pyramisa Hotels 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 Pyramisa Hotels. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pyramisa Hotels has no effect on the direction of EGX 33 i.e., EGX 33 and Pyramisa Hotels go up and down completely randomly.
Pair Corralation between EGX 33 and Pyramisa Hotels
Assuming the 90 days trading horizon EGX 33 is expected to generate 1.36 times less return on investment than Pyramisa Hotels. But when comparing it to its historical volatility, EGX 33 Shariah is 2.12 times less risky than Pyramisa Hotels. It trades about 0.15 of its potential returns per unit of risk. Pyramisa Hotels is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 5,100 in Pyramisa Hotels on September 2, 2024 and sell it today you would earn a total of 7,847 from holding Pyramisa Hotels or generate 153.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 23.77% |
| Values | Daily Returns |
EGX 33 Shariah vs. Pyramisa Hotels
Performance |
| Timeline |
EGX 33 and Pyramisa Hotels Volatility Contrast
Predicted Return Density |
| Returns |
EGX 33 Shariah
Pair trading matchups for EGX 33
Pyramisa Hotels
Pair trading matchups for Pyramisa Hotels
Pair Trading with EGX 33 and Pyramisa Hotels
The main advantage of trading using opposite EGX 33 and Pyramisa Hotels positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EGX 33 position performs unexpectedly, Pyramisa Hotels 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 Pyramisa Hotels will offset losses from the drop in Pyramisa Hotels' long position.| EGX 33 vs. Odin for Investment | EGX 33 vs. Atlas For Investment | EGX 33 vs. Nile City Investment | EGX 33 vs. Ismailia National Food |
| Pyramisa Hotels vs. Egyptians For Investment | Pyramisa Hotels vs. Misr Oils Soap | Pyramisa Hotels vs. Global Telecom Holding | Pyramisa Hotels vs. Qatar Natl 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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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