Correlation Between CORONATION INSURANCE and AFRICAN ALLIANCE
Specify exactly 2 symbols:
By analyzing existing cross correlation between CORONATION INSURANCE PLC and AFRICAN ALLIANCE INSURANCE, you can compare the effects of market volatilities on CORONATION INSURANCE and AFRICAN ALLIANCE 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 CORONATION INSURANCE with a short position of AFRICAN ALLIANCE. Check out your portfolio center. Please also check ongoing floating volatility patterns of CORONATION INSURANCE and AFRICAN ALLIANCE.
Diversification Opportunities for CORONATION INSURANCE and AFRICAN ALLIANCE
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CORONATION and AFRICAN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CORONATION INSURANCE PLC and AFRICAN ALLIANCE INSURANCE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AFRICAN ALLIANCE INS and CORONATION INSURANCE 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 CORONATION INSURANCE PLC are associated (or correlated) with AFRICAN ALLIANCE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AFRICAN ALLIANCE INS has no effect on the direction of CORONATION INSURANCE i.e., CORONATION INSURANCE and AFRICAN ALLIANCE go up and down completely randomly.
Pair Corralation between CORONATION INSURANCE and AFRICAN ALLIANCE
If you would invest 89.00 in CORONATION INSURANCE PLC on August 28, 2024 and sell it today you would earn a total of 16.00 from holding CORONATION INSURANCE PLC or generate 17.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CORONATION INSURANCE PLC vs. AFRICAN ALLIANCE INSURANCE
Performance |
| Timeline |
| CORONATION INSURANCE PLC |
| AFRICAN ALLIANCE INS |
CORONATION INSURANCE and AFRICAN ALLIANCE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CORONATION INSURANCE and AFRICAN ALLIANCE
The main advantage of trading using opposite CORONATION INSURANCE and AFRICAN ALLIANCE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CORONATION INSURANCE position performs unexpectedly, AFRICAN ALLIANCE 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 AFRICAN ALLIANCE will offset losses from the drop in AFRICAN ALLIANCE's long position.| CORONATION INSURANCE vs. GUINEA INSURANCE PLC | CORONATION INSURANCE vs. MEYER PLC | CORONATION INSURANCE vs. VETIVA INDUSTRIAL ETF |
| AFRICAN ALLIANCE vs. GUINEA INSURANCE PLC | AFRICAN ALLIANCE vs. MEYER PLC | AFRICAN ALLIANCE vs. VETIVA INDUSTRIAL ETF |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios |