Correlation Between UNITY BANK and INTERNATIONAL ENERGY
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By analyzing existing cross correlation between UNITY BANK PLC and INTERNATIONAL ENERGY INSURANCE, you can compare the effects of market volatilities on UNITY BANK and INTERNATIONAL ENERGY 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 UNITY BANK with a short position of INTERNATIONAL ENERGY. Check out your portfolio center. Please also check ongoing floating volatility patterns of UNITY BANK and INTERNATIONAL ENERGY.
Diversification Opportunities for UNITY BANK and INTERNATIONAL ENERGY
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between UNITY and INTERNATIONAL is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding UNITY BANK PLC and INTERNATIONAL ENERGY INSURANCE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INTERNATIONAL ENERGY and UNITY 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 UNITY BANK PLC are associated (or correlated) with INTERNATIONAL ENERGY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INTERNATIONAL ENERGY has no effect on the direction of UNITY BANK i.e., UNITY BANK and INTERNATIONAL ENERGY go up and down completely randomly.
Pair Corralation between UNITY BANK and INTERNATIONAL ENERGY
If you would invest 145.00 in INTERNATIONAL ENERGY INSURANCE on October 24, 2024 and sell it today you would earn a total of 45.00 from holding INTERNATIONAL ENERGY INSURANCE or generate 31.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
UNITY BANK PLC vs. INTERNATIONAL ENERGY INSURANCE
Performance |
| Timeline |
| UNITY BANK PLC |
| INTERNATIONAL ENERGY |
UNITY BANK and INTERNATIONAL ENERGY Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with UNITY BANK and INTERNATIONAL ENERGY
The main advantage of trading using opposite UNITY BANK and INTERNATIONAL ENERGY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UNITY BANK position performs unexpectedly, INTERNATIONAL ENERGY 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 INTERNATIONAL ENERGY will offset losses from the drop in INTERNATIONAL ENERGY's long position.| UNITY BANK vs. GUINEA INSURANCE PLC | UNITY BANK vs. SECURE ELECTRONIC TECHNOLOGY | UNITY BANK vs. SFS REAL ESTATE | UNITY BANK vs. VFD GROUP |
| INTERNATIONAL ENERGY vs. FIDELITY BANK PLC | INTERNATIONAL ENERGY vs. STACO INSURANCE PLC | INTERNATIONAL ENERGY vs. STERLING FINANCIAL HOLDINGS | INTERNATIONAL ENERGY vs. AFROMEDIA 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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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