Correlation Between UNITED BANK and TOTALENERGIES MARKETING
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By analyzing existing cross correlation between UNITED BANK FOR and TOTALENERGIES MARKETING NIGERIA, you can compare the effects of market volatilities on UNITED BANK and TOTALENERGIES MARKETING 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 UNITED BANK with a short position of TOTALENERGIES MARKETING. Check out your portfolio center. Please also check ongoing floating volatility patterns of UNITED BANK and TOTALENERGIES MARKETING.
Diversification Opportunities for UNITED BANK and TOTALENERGIES MARKETING
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between UNITED and TOTALENERGIES is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding UNITED BANK FOR and TOTALENERGIES MARKETING NIGERI in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TOTALENERGIES MARKETING and UNITED BANK 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 UNITED BANK FOR are associated (or correlated) with TOTALENERGIES MARKETING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TOTALENERGIES MARKETING has no effect on the direction of UNITED BANK i.e., UNITED BANK and TOTALENERGIES MARKETING go up and down completely randomly.
Pair Corralation between UNITED BANK and TOTALENERGIES MARKETING
Assuming the 90 days trading horizon UNITED BANK FOR is expected to generate 2.02 times more return on investment than TOTALENERGIES MARKETING. However, UNITED BANK is 2.02 times more volatile than TOTALENERGIES MARKETING NIGERIA. It trades about 0.11 of its potential returns per unit of risk. TOTALENERGIES MARKETING NIGERIA is currently generating about 0.16 per unit of risk. If you would invest 995.00 in UNITED BANK FOR on August 31, 2024 and sell it today you would earn a total of 2,275 from holding UNITED BANK FOR or generate 228.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.73% |
| Values | Daily Returns |
UNITED BANK FOR vs. TOTALENERGIES MARKETING NIGERI
Performance |
| Timeline |
| UNITED BANK FOR |
| TOTALENERGIES MARKETING |
UNITED BANK and TOTALENERGIES MARKETING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with UNITED BANK and TOTALENERGIES MARKETING
The main advantage of trading using opposite UNITED BANK and TOTALENERGIES MARKETING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UNITED BANK position performs unexpectedly, TOTALENERGIES MARKETING 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 TOTALENERGIES MARKETING will offset losses from the drop in TOTALENERGIES MARKETING's long position.| UNITED BANK vs. GOLDEN GUINEA BREWERIES | UNITED BANK vs. CORONATION INSURANCE PLC | UNITED BANK vs. GOLDLINK INSURANCE PLC | UNITED BANK vs. INTERNATIONAL ENERGY INSURANCE |
| TOTALENERGIES MARKETING vs. SECURE ELECTRONIC TECHNOLOGY | TOTALENERGIES MARKETING vs. VFD GROUP | TOTALENERGIES MARKETING vs. AFROMEDIA PLC | TOTALENERGIES MARKETING vs. DEAP CAPITAL MANAGEMENT |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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