Correlation Between ABBEY MORTGAGE and FIDSON HEALTHCARE
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By analyzing existing cross correlation between ABBEY MORTGAGE BANK and FIDSON HEALTHCARE PLC, you can compare the effects of market volatilities on ABBEY MORTGAGE and FIDSON HEALTHCARE 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 ABBEY MORTGAGE with a short position of FIDSON HEALTHCARE. Check out your portfolio center. Please also check ongoing floating volatility patterns of ABBEY MORTGAGE and FIDSON HEALTHCARE.
Diversification Opportunities for ABBEY MORTGAGE and FIDSON HEALTHCARE
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between ABBEY and FIDSON is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding ABBEY MORTGAGE BANK and FIDSON HEALTHCARE PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FIDSON HEALTHCARE PLC and ABBEY MORTGAGE 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 ABBEY MORTGAGE BANK are associated (or correlated) with FIDSON HEALTHCARE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FIDSON HEALTHCARE PLC has no effect on the direction of ABBEY MORTGAGE i.e., ABBEY MORTGAGE and FIDSON HEALTHCARE go up and down completely randomly.
Pair Corralation between ABBEY MORTGAGE and FIDSON HEALTHCARE
Assuming the 90 days trading horizon ABBEY MORTGAGE is expected to generate 8.6 times less return on investment than FIDSON HEALTHCARE. In addition to that, ABBEY MORTGAGE is 1.86 times more volatile than FIDSON HEALTHCARE PLC. It trades about 0.02 of its total potential returns per unit of risk. FIDSON HEALTHCARE PLC is currently generating about 0.25 per unit of volatility. If you would invest 2,785 in FIDSON HEALTHCARE PLC on May 28, 2025 and sell it today you would earn a total of 1,515 from holding FIDSON HEALTHCARE PLC or generate 54.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
ABBEY MORTGAGE BANK vs. FIDSON HEALTHCARE PLC
Performance |
| Timeline |
| ABBEY MORTGAGE BANK |
| FIDSON HEALTHCARE PLC |
ABBEY MORTGAGE and FIDSON HEALTHCARE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ABBEY MORTGAGE and FIDSON HEALTHCARE
The main advantage of trading using opposite ABBEY MORTGAGE and FIDSON HEALTHCARE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ABBEY MORTGAGE position performs unexpectedly, FIDSON HEALTHCARE 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 FIDSON HEALTHCARE will offset losses from the drop in FIDSON HEALTHCARE's long position.| ABBEY MORTGAGE vs. GUINEA INSURANCE PLC | ABBEY MORTGAGE vs. ALUMINIUM EXTRUSION IND | ABBEY MORTGAGE vs. VITAFOAM NIGERIA PLC | ABBEY MORTGAGE vs. JAPAUL OIL MARITIME |
| FIDSON HEALTHCARE vs. NEM INSURANCE PLC | FIDSON HEALTHCARE vs. ZENITH BANK PLC | FIDSON HEALTHCARE vs. ECOBANK TRANSNATIONAL INCORPORATED | FIDSON HEALTHCARE vs. FORTIS GLOBAL INSURANCE |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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