Correlation Between IKEJA HOTELS and AFRICAN ALLIANCE
Specify exactly 2 symbols:
By analyzing existing cross correlation between IKEJA HOTELS PLC and AFRICAN ALLIANCE INSURANCE, you can compare the effects of market volatilities on IKEJA HOTELS 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 IKEJA HOTELS with a short position of AFRICAN ALLIANCE. Check out your portfolio center. Please also check ongoing floating volatility patterns of IKEJA HOTELS and AFRICAN ALLIANCE.
Diversification Opportunities for IKEJA HOTELS and AFRICAN ALLIANCE
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IKEJA and AFRICAN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IKEJA HOTELS 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 IKEJA HOTELS 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 IKEJA HOTELS 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 IKEJA HOTELS i.e., IKEJA HOTELS and AFRICAN ALLIANCE go up and down completely randomly.
Pair Corralation between IKEJA HOTELS and AFRICAN ALLIANCE
If you would invest 700.00 in IKEJA HOTELS PLC on September 13, 2024 and sell it today you would earn a total of 100.00 from holding IKEJA HOTELS PLC or generate 14.29% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
IKEJA HOTELS PLC vs. AFRICAN ALLIANCE INSURANCE
Performance |
Timeline |
IKEJA HOTELS PLC |
AFRICAN ALLIANCE INS |
IKEJA HOTELS and AFRICAN ALLIANCE Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with IKEJA HOTELS and AFRICAN ALLIANCE
The main advantage of trading using opposite IKEJA HOTELS and AFRICAN ALLIANCE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IKEJA HOTELS 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.IKEJA HOTELS vs. MULTI TREX INTEGRATED FOODS | IKEJA HOTELS vs. MULTIVERSE MINING AND | IKEJA HOTELS vs. GOLDEN GUINEA BREWERIES | IKEJA HOTELS vs. INDUSTRIAL MEDICAL GASES |
AFRICAN ALLIANCE vs. GUINEA INSURANCE PLC | AFRICAN ALLIANCE vs. SECURE ELECTRONIC TECHNOLOGY | AFRICAN ALLIANCE vs. VFD GROUP | AFRICAN ALLIANCE vs. IKEJA HOTELS 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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
Other Complementary Tools
Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
Equity Valuation Check real value of public entities based on technical and fundamental data | |
FinTech Suite Use AI to screen and filter profitable investment opportunities | |
Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon |