Correlation Between STANDARD ALLIANCE and INTERNATIONAL ENERGY
Specify exactly 2 symbols:
By analyzing existing cross correlation between STANDARD ALLIANCE INSURANCE and INTERNATIONAL ENERGY INSURANCE, you can compare the effects of market volatilities on STANDARD ALLIANCE and INTERNATIONAL ENERGY 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 INTERNATIONAL ENERGY. Check out your portfolio center. Please also check ongoing floating volatility patterns of STANDARD ALLIANCE and INTERNATIONAL ENERGY.
Diversification Opportunities for STANDARD ALLIANCE and INTERNATIONAL ENERGY
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between STANDARD and INTERNATIONAL is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding STANDARD ALLIANCE INSURANCE and INTERNATIONAL ENERGY INSURANCE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INTERNATIONAL ENERGY 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 INTERNATIONAL ENERGY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INTERNATIONAL ENERGY has no effect on the direction of STANDARD ALLIANCE i.e., STANDARD ALLIANCE and INTERNATIONAL ENERGY go up and down completely randomly.
Pair Corralation between STANDARD ALLIANCE and INTERNATIONAL ENERGY
If you would invest 157.00 in INTERNATIONAL ENERGY INSURANCE on November 3, 2024 and sell it today you would earn a total of 36.00 from holding INTERNATIONAL ENERGY INSURANCE or generate 22.93% 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. INTERNATIONAL ENERGY INSURANCE
Performance |
| Timeline |
| STANDARD ALLIANCE |
| INTERNATIONAL ENERGY |
STANDARD ALLIANCE and INTERNATIONAL ENERGY Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with STANDARD ALLIANCE and INTERNATIONAL ENERGY
The main advantage of trading using opposite STANDARD ALLIANCE and INTERNATIONAL ENERGY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if STANDARD ALLIANCE position performs unexpectedly, INTERNATIONAL ENERGY 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 INTERNATIONAL ENERGY will offset losses from the drop in INTERNATIONAL ENERGY's long position.| STANDARD ALLIANCE vs. AXAMANSARD INSURANCE PLC | STANDARD ALLIANCE vs. CUSTODIAN INVESTMENT PLC | STANDARD ALLIANCE vs. JAIZ BANK PLC | STANDARD ALLIANCE vs. CORNERSTONE INSURANCE PLC |
| INTERNATIONAL ENERGY vs. GUINEA INSURANCE PLC | INTERNATIONAL ENERGY vs. SECURE ELECTRONIC TECHNOLOGY | INTERNATIONAL ENERGY vs. VFD GROUP | INTERNATIONAL ENERGY 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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
Other Complementary Tools
| 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 | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum |