Correlation Between UNION HOMES and CORNERSTONE INSURANCE
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By analyzing existing cross correlation between UNION HOMES SAVINGS and CORNERSTONE INSURANCE PLC, you can compare the effects of market volatilities on UNION HOMES and CORNERSTONE INSURANCE 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 UNION HOMES with a short position of CORNERSTONE INSURANCE. Check out your portfolio center. Please also check ongoing floating volatility patterns of UNION HOMES and CORNERSTONE INSURANCE.
Diversification Opportunities for UNION HOMES and CORNERSTONE INSURANCE
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between UNION and CORNERSTONE is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding UNION HOMES SAVINGS and CORNERSTONE INSURANCE PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CORNERSTONE INSURANCE PLC and UNION HOMES 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 UNION HOMES SAVINGS are associated (or correlated) with CORNERSTONE INSURANCE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CORNERSTONE INSURANCE PLC has no effect on the direction of UNION HOMES i.e., UNION HOMES and CORNERSTONE INSURANCE go up and down completely randomly.
Pair Corralation between UNION HOMES and CORNERSTONE INSURANCE
If you would invest 302.00 in UNION HOMES SAVINGS on November 4, 2024 and sell it today you would earn a total of 0.00 from holding UNION HOMES SAVINGS or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
UNION HOMES SAVINGS vs. CORNERSTONE INSURANCE PLC
Performance |
| Timeline |
| UNION HOMES SAVINGS |
| CORNERSTONE INSURANCE PLC |
UNION HOMES and CORNERSTONE INSURANCE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with UNION HOMES and CORNERSTONE INSURANCE
The main advantage of trading using opposite UNION HOMES and CORNERSTONE INSURANCE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UNION HOMES position performs unexpectedly, CORNERSTONE INSURANCE 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 CORNERSTONE INSURANCE will offset losses from the drop in CORNERSTONE INSURANCE's long position.| UNION HOMES vs. GUINEA INSURANCE PLC | UNION HOMES vs. SECURE ELECTRONIC TECHNOLOGY | UNION HOMES vs. VFD GROUP | UNION HOMES vs. IKEJA HOTELS PLC |
| CORNERSTONE INSURANCE vs. AIICO INSURANCE PLC | CORNERSTONE INSURANCE vs. UNITED BANK FOR | CORNERSTONE INSURANCE vs. FIDELITY BANK PLC | CORNERSTONE INSURANCE vs. ABC TRANSPORT 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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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