Correlation Between STANDARD ALLIANCE and NPF MICRO
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By analyzing existing cross correlation between STANDARD ALLIANCE INSURANCE and NPF MICRO FINANCE, you can compare the effects of market volatilities on STANDARD ALLIANCE and NPF MICRO 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 NPF MICRO. Check out your portfolio center. Please also check ongoing floating volatility patterns of STANDARD ALLIANCE and NPF MICRO.
Diversification Opportunities for STANDARD ALLIANCE and NPF MICRO
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between STANDARD and NPF is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding STANDARD ALLIANCE INSURANCE and NPF MICRO FINANCE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NPF MICRO FINANCE 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 NPF MICRO. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NPF MICRO FINANCE has no effect on the direction of STANDARD ALLIANCE i.e., STANDARD ALLIANCE and NPF MICRO go up and down completely randomly.
Pair Corralation between STANDARD ALLIANCE and NPF MICRO
If you would invest 150.00 in NPF MICRO FINANCE on September 13, 2024 and sell it today you would earn a total of 0.00 from holding NPF MICRO FINANCE 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. NPF MICRO FINANCE
Performance |
| Timeline |
| STANDARD ALLIANCE |
| NPF MICRO FINANCE |
STANDARD ALLIANCE and NPF MICRO Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with STANDARD ALLIANCE and NPF MICRO
The main advantage of trading using opposite STANDARD ALLIANCE and NPF MICRO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if STANDARD ALLIANCE position performs unexpectedly, NPF MICRO 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 NPF MICRO will offset losses from the drop in NPF MICRO's long position.| STANDARD ALLIANCE vs. GUINEA INSURANCE PLC | STANDARD ALLIANCE vs. SECURE ELECTRONIC TECHNOLOGY | STANDARD ALLIANCE vs. VFD GROUP | STANDARD ALLIANCE vs. IKEJA HOTELS PLC |
| NPF MICRO vs. CORONATION INSURANCE PLC | NPF MICRO vs. VETIVA BANKING ETF | NPF MICRO vs. GUINEA INSURANCE PLC | NPF MICRO vs. STANDARD ALLIANCE INSURANCE |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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