Correlation Between EGX 33 and Speed Medical
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By analyzing existing cross correlation between EGX 33 Shariah and Speed Medical, you can compare the effects of market volatilities on EGX 33 and Speed Medical 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 Speed Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of EGX 33 and Speed Medical.
Diversification Opportunities for EGX 33 and Speed Medical
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between EGX and Speed is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding EGX 33 Shariah and Speed Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Speed Medical 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 Speed Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Speed Medical has no effect on the direction of EGX 33 i.e., EGX 33 and Speed Medical go up and down completely randomly.
Pair Corralation between EGX 33 and Speed Medical
Assuming the 90 days trading horizon EGX 33 Shariah is expected to generate 0.48 times more return on investment than Speed Medical. However, EGX 33 Shariah is 2.09 times less risky than Speed Medical. It trades about -0.09 of its potential returns per unit of risk. Speed Medical is currently generating about -0.09 per unit of risk. If you would invest 317,236 in EGX 33 Shariah on September 3, 2024 and sell it today you would lose (4,202) from holding EGX 33 Shariah or give up 1.32% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
EGX 33 Shariah vs. Speed Medical
Performance |
| Timeline |
EGX 33 and Speed Medical Volatility Contrast
Predicted Return Density |
| Returns |
EGX 33 Shariah
Pair trading matchups for EGX 33
Speed Medical
Pair trading matchups for Speed Medical
Pair Trading with EGX 33 and Speed Medical
The main advantage of trading using opposite EGX 33 and Speed Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EGX 33 position performs unexpectedly, Speed Medical 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 Speed Medical will offset losses from the drop in Speed Medical's long position.| EGX 33 vs. Reacap Financial Investments | EGX 33 vs. Egyptian Iron Steel | EGX 33 vs. Iron And Steel | EGX 33 vs. Egyptian Transport |
| Speed Medical vs. Fawry For Banking | Speed Medical vs. Contact Financial Holding | Speed Medical vs. Cairo For Investment | Speed Medical vs. Export Development 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 Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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