Correlation Between STANDARD ALLIANCE and NIGERIAN BREWERIES
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By analyzing existing cross correlation between STANDARD ALLIANCE INSURANCE and NIGERIAN BREWERIES PLC, you can compare the effects of market volatilities on STANDARD ALLIANCE and NIGERIAN BREWERIES 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 NIGERIAN BREWERIES. Check out your portfolio center. Please also check ongoing floating volatility patterns of STANDARD ALLIANCE and NIGERIAN BREWERIES.
Diversification Opportunities for STANDARD ALLIANCE and NIGERIAN BREWERIES
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between STANDARD and NIGERIAN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding STANDARD ALLIANCE INSURANCE and NIGERIAN BREWERIES PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NIGERIAN BREWERIES 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 NIGERIAN BREWERIES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NIGERIAN BREWERIES PLC has no effect on the direction of STANDARD ALLIANCE i.e., STANDARD ALLIANCE and NIGERIAN BREWERIES go up and down completely randomly.
Pair Corralation between STANDARD ALLIANCE and NIGERIAN BREWERIES
If you would invest 2,450 in NIGERIAN BREWERIES PLC on September 3, 2024 and sell it today you would earn a total of 250.00 from holding NIGERIAN BREWERIES PLC or generate 10.2% 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. NIGERIAN BREWERIES PLC
Performance |
| Timeline |
| STANDARD ALLIANCE |
| NIGERIAN BREWERIES PLC |
STANDARD ALLIANCE and NIGERIAN BREWERIES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with STANDARD ALLIANCE and NIGERIAN BREWERIES
The main advantage of trading using opposite STANDARD ALLIANCE and NIGERIAN BREWERIES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if STANDARD ALLIANCE position performs unexpectedly, NIGERIAN BREWERIES 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 NIGERIAN BREWERIES will offset losses from the drop in NIGERIAN BREWERIES's long position.| STANDARD ALLIANCE vs. CONSOLIDATED HALLMARK INSURANCE | STANDARD ALLIANCE vs. SECURE ELECTRONIC TECHNOLOGY | STANDARD ALLIANCE vs. ZENITH BANK PLC | STANDARD ALLIANCE vs. INDUSTRIAL MEDICAL GASES |
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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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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