Correlation Between UNITY BANK and STERLING FINANCIAL
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By analyzing existing cross correlation between UNITY BANK PLC and STERLING FINANCIAL HOLDINGS, you can compare the effects of market volatilities on UNITY BANK and STERLING FINANCIAL 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 STERLING FINANCIAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of UNITY BANK and STERLING FINANCIAL.
Diversification Opportunities for UNITY BANK and STERLING FINANCIAL
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between UNITY and STERLING is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding UNITY BANK PLC and STERLING FINANCIAL HOLDINGS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on STERLING FINANCIAL 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 STERLING FINANCIAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of STERLING FINANCIAL has no effect on the direction of UNITY BANK i.e., UNITY BANK and STERLING FINANCIAL go up and down completely randomly.
Pair Corralation between UNITY BANK and STERLING FINANCIAL
If you would invest 495.00 in STERLING FINANCIAL HOLDINGS on September 14, 2024 and sell it today you would lose (5.00) from holding STERLING FINANCIAL HOLDINGS or give up 1.01% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
UNITY BANK PLC vs. STERLING FINANCIAL HOLDINGS
Performance |
| Timeline |
| UNITY BANK PLC |
| STERLING FINANCIAL |
UNITY BANK and STERLING FINANCIAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with UNITY BANK and STERLING FINANCIAL
The main advantage of trading using opposite UNITY BANK and STERLING FINANCIAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UNITY BANK position performs unexpectedly, STERLING FINANCIAL 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 STERLING FINANCIAL will offset losses from the drop in STERLING FINANCIAL's long position.| UNITY BANK vs. AXAMANSARD INSURANCE PLC | UNITY BANK vs. TRANSCORP HOTELS PLC | UNITY BANK vs. INDUSTRIAL MEDICAL GASES | UNITY BANK vs. ASO SAVINGS AND |
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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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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