Correlation Between CORONATION INSURANCE and MULTI TREX
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By analyzing existing cross correlation between CORONATION INSURANCE PLC and MULTI TREX INTEGRATED FOODS, you can compare the effects of market volatilities on CORONATION INSURANCE and MULTI TREX 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 MULTI TREX. Check out your portfolio center. Please also check ongoing floating volatility patterns of CORONATION INSURANCE and MULTI TREX.
Diversification Opportunities for CORONATION INSURANCE and MULTI TREX
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CORONATION and MULTI is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CORONATION INSURANCE PLC and MULTI TREX INTEGRATED FOODS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MULTI TREX INTEGRATED 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 MULTI TREX. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MULTI TREX INTEGRATED has no effect on the direction of CORONATION INSURANCE i.e., CORONATION INSURANCE and MULTI TREX go up and down completely randomly.
Pair Corralation between CORONATION INSURANCE and MULTI TREX
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. MULTI TREX INTEGRATED FOODS
Performance |
| Timeline |
| CORONATION INSURANCE PLC |
| MULTI TREX INTEGRATED |
CORONATION INSURANCE and MULTI TREX Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CORONATION INSURANCE and MULTI TREX
The main advantage of trading using opposite CORONATION INSURANCE and MULTI TREX positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CORONATION INSURANCE position performs unexpectedly, MULTI TREX 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 MULTI TREX will offset losses from the drop in MULTI TREX's long position.| CORONATION INSURANCE vs. GUINEA INSURANCE PLC | CORONATION INSURANCE vs. MEYER PLC | CORONATION INSURANCE 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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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