Correlation Between STANDARD ALLIANCE and IKEJA HOTELS
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By analyzing existing cross correlation between STANDARD ALLIANCE INSURANCE and IKEJA HOTELS PLC, you can compare the effects of market volatilities on STANDARD ALLIANCE and IKEJA 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 STANDARD ALLIANCE with a short position of IKEJA HOTELS. Check out your portfolio center. Please also check ongoing floating volatility patterns of STANDARD ALLIANCE and IKEJA HOTELS.
Diversification Opportunities for STANDARD ALLIANCE and IKEJA HOTELS
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between STANDARD and IKEJA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding STANDARD ALLIANCE INSURANCE and IKEJA HOTELS PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IKEJA HOTELS PLC and STANDARD ALLIANCE 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 STANDARD ALLIANCE INSURANCE are associated (or correlated) with IKEJA HOTELS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of IKEJA HOTELS PLC has no effect on the direction of STANDARD ALLIANCE i.e., STANDARD ALLIANCE and IKEJA HOTELS go up and down completely randomly.
Pair Corralation between STANDARD ALLIANCE and IKEJA HOTELS
If you would invest 20.00 in STANDARD ALLIANCE INSURANCE on September 4, 2024 and sell it today you would earn a total of 0.00 from holding STANDARD ALLIANCE INSURANCE or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
STANDARD ALLIANCE INSURANCE vs. IKEJA HOTELS PLC
Performance |
| Timeline |
| STANDARD ALLIANCE |
| IKEJA HOTELS PLC |
STANDARD ALLIANCE and IKEJA HOTELS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with STANDARD ALLIANCE and IKEJA HOTELS
The main advantage of trading using opposite STANDARD ALLIANCE and IKEJA HOTELS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if STANDARD ALLIANCE position performs unexpectedly, IKEJA 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 IKEJA HOTELS will offset losses from the drop in IKEJA HOTELS's long position.| STANDARD ALLIANCE vs. GUINEA INSURANCE PLC | STANDARD ALLIANCE vs. SECURE ELECTRONIC TECHNOLOGY | STANDARD ALLIANCE vs. AIRTEL AFRICA PLC | STANDARD ALLIANCE vs. VFD GROUP |
| IKEJA HOTELS vs. GUINEA INSURANCE PLC | IKEJA HOTELS vs. SECURE ELECTRONIC TECHNOLOGY | IKEJA HOTELS vs. AIRTEL AFRICA PLC | IKEJA HOTELS vs. VFD GROUP |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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