Correlation Between STACO INSURANCE and GOLDEN GUINEA
Specify exactly 2 symbols:
By analyzing existing cross correlation between STACO INSURANCE PLC and GOLDEN GUINEA BREWERIES, you can compare the effects of market volatilities on STACO INSURANCE and GOLDEN GUINEA 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 STACO INSURANCE with a short position of GOLDEN GUINEA. Check out your portfolio center. Please also check ongoing floating volatility patterns of STACO INSURANCE and GOLDEN GUINEA.
Diversification Opportunities for STACO INSURANCE and GOLDEN GUINEA
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between STACO and GOLDEN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding STACO INSURANCE PLC and GOLDEN GUINEA BREWERIES in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GOLDEN GUINEA BREWERIES and STACO INSURANCE 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 STACO INSURANCE PLC are associated (or correlated) with GOLDEN GUINEA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GOLDEN GUINEA BREWERIES has no effect on the direction of STACO INSURANCE i.e., STACO INSURANCE and GOLDEN GUINEA go up and down completely randomly.
Pair Corralation between STACO INSURANCE and GOLDEN GUINEA
If you would invest 81.00 in GOLDEN GUINEA BREWERIES on September 19, 2024 and sell it today you would earn a total of 783.00 from holding GOLDEN GUINEA BREWERIES or generate 966.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 78.89% |
| Values | Daily Returns |
STACO INSURANCE PLC vs. GOLDEN GUINEA BREWERIES
Performance |
| Timeline |
| STACO INSURANCE PLC |
| GOLDEN GUINEA BREWERIES |
STACO INSURANCE and GOLDEN GUINEA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with STACO INSURANCE and GOLDEN GUINEA
The main advantage of trading using opposite STACO INSURANCE and GOLDEN GUINEA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if STACO INSURANCE position performs unexpectedly, GOLDEN GUINEA 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 GOLDEN GUINEA will offset losses from the drop in GOLDEN GUINEA's long position.| STACO INSURANCE vs. GUINEA INSURANCE PLC | STACO INSURANCE vs. SECURE ELECTRONIC TECHNOLOGY | STACO INSURANCE vs. VFD GROUP | STACO INSURANCE vs. IKEJA HOTELS PLC |
| GOLDEN GUINEA vs. GUINEA INSURANCE PLC | GOLDEN GUINEA vs. SECURE ELECTRONIC TECHNOLOGY | GOLDEN GUINEA vs. VFD GROUP | GOLDEN GUINEA vs. IKEJA HOTELS PLC |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
Other Complementary Tools
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Equity Valuation Check real value of public entities based on technical and fundamental data |