Correlation Between UNITY BANK and UNITED BANK
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By analyzing existing cross correlation between UNITY BANK PLC and UNITED BANK FOR, you can compare the effects of market volatilities on UNITY BANK and UNITED BANK 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 UNITED BANK. Check out your portfolio center. Please also check ongoing floating volatility patterns of UNITY BANK and UNITED BANK.
Diversification Opportunities for UNITY BANK and UNITED BANK
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between UNITY and UNITED is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding UNITY BANK PLC and UNITED BANK FOR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UNITED BANK FOR 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 UNITED BANK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UNITED BANK FOR has no effect on the direction of UNITY BANK i.e., UNITY BANK and UNITED BANK go up and down completely randomly.
Pair Corralation between UNITY BANK and UNITED BANK
If you would invest 2,900 in UNITED BANK FOR on October 24, 2024 and sell it today you would earn a total of 500.00 from holding UNITED BANK FOR or generate 17.24% 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. UNITED BANK FOR
Performance |
| Timeline |
| UNITY BANK PLC |
| UNITED BANK FOR |
UNITY BANK and UNITED BANK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with UNITY BANK and UNITED BANK
The main advantage of trading using opposite UNITY BANK and UNITED BANK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UNITY BANK position performs unexpectedly, UNITED BANK 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 UNITED BANK will offset losses from the drop in UNITED BANK'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 |
| UNITED BANK vs. CUSTODIAN INVESTMENT PLC | UNITED BANK vs. AFRICAN ALLIANCE INSURANCE | UNITED BANK vs. CHAMPION BREWERIES PLC | UNITED BANK vs. ZENITH BANK 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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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