Correlation Between TOTALENERGIES MARKETING and CONSOLIDATED HALLMARK
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By analyzing existing cross correlation between TOTALENERGIES MARKETING NIGERIA and CONSOLIDATED HALLMARK INSURANCE, you can compare the effects of market volatilities on TOTALENERGIES MARKETING and CONSOLIDATED HALLMARK 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 TOTALENERGIES MARKETING with a short position of CONSOLIDATED HALLMARK. Check out your portfolio center. Please also check ongoing floating volatility patterns of TOTALENERGIES MARKETING and CONSOLIDATED HALLMARK.
Diversification Opportunities for TOTALENERGIES MARKETING and CONSOLIDATED HALLMARK
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between TOTALENERGIES and CONSOLIDATED is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding TOTALENERGIES MARKETING NIGERI and CONSOLIDATED HALLMARK INSURANC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CONSOLIDATED HALLMARK and TOTALENERGIES MARKETING 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 TOTALENERGIES MARKETING NIGERIA are associated (or correlated) with CONSOLIDATED HALLMARK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CONSOLIDATED HALLMARK has no effect on the direction of TOTALENERGIES MARKETING i.e., TOTALENERGIES MARKETING and CONSOLIDATED HALLMARK go up and down completely randomly.
Pair Corralation between TOTALENERGIES MARKETING and CONSOLIDATED HALLMARK
Assuming the 90 days trading horizon TOTALENERGIES MARKETING is expected to generate 3.25 times less return on investment than CONSOLIDATED HALLMARK. But when comparing it to its historical volatility, TOTALENERGIES MARKETING NIGERIA is 5.38 times less risky than CONSOLIDATED HALLMARK. It trades about 0.16 of its potential returns per unit of risk. CONSOLIDATED HALLMARK INSURANCE is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 50.00 in CONSOLIDATED HALLMARK INSURANCE on November 5, 2024 and sell it today you would earn a total of 256.00 from holding CONSOLIDATED HALLMARK INSURANCE or generate 512.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 60.49% |
| Values | Daily Returns |
TOTALENERGIES MARKETING NIGERI vs. CONSOLIDATED HALLMARK INSURANC
Performance |
| Timeline |
| TOTALENERGIES MARKETING |
| CONSOLIDATED HALLMARK |
TOTALENERGIES MARKETING and CONSOLIDATED HALLMARK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TOTALENERGIES MARKETING and CONSOLIDATED HALLMARK
The main advantage of trading using opposite TOTALENERGIES MARKETING and CONSOLIDATED HALLMARK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TOTALENERGIES MARKETING position performs unexpectedly, CONSOLIDATED HALLMARK 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 CONSOLIDATED HALLMARK will offset losses from the drop in CONSOLIDATED HALLMARK's long position.| TOTALENERGIES MARKETING vs. STANDARD ALLIANCE INSURANCE | TOTALENERGIES MARKETING vs. FIDELITY BANK PLC | TOTALENERGIES MARKETING vs. AIICO INSURANCE PLC | TOTALENERGIES MARKETING vs. NEM INSURANCE PLC |
| CONSOLIDATED HALLMARK vs. IKEJA HOTELS PLC | CONSOLIDATED HALLMARK vs. MULTI TREX INTEGRATED FOODS | CONSOLIDATED HALLMARK vs. INTERNATIONAL ENERGY INSURANCE | CONSOLIDATED HALLMARK vs. STACO INSURANCE 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 Valuation module to check real value of public entities based on technical and fundamental data.
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