Correlation Between AFROMEDIA PLC and ALUMINIUM EXTRUSION
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By analyzing existing cross correlation between AFROMEDIA PLC and ALUMINIUM EXTRUSION IND, you can compare the effects of market volatilities on AFROMEDIA PLC and ALUMINIUM EXTRUSION 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 AFROMEDIA PLC with a short position of ALUMINIUM EXTRUSION. Check out your portfolio center. Please also check ongoing floating volatility patterns of AFROMEDIA PLC and ALUMINIUM EXTRUSION.
Diversification Opportunities for AFROMEDIA PLC and ALUMINIUM EXTRUSION
-1.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between AFROMEDIA and ALUMINIUM is -1.0. Overlapping area represents the amount of risk that can be diversified away by holding AFROMEDIA PLC and ALUMINIUM EXTRUSION IND in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ALUMINIUM EXTRUSION IND and AFROMEDIA PLC 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 AFROMEDIA PLC are associated (or correlated) with ALUMINIUM EXTRUSION. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ALUMINIUM EXTRUSION IND has no effect on the direction of AFROMEDIA PLC i.e., AFROMEDIA PLC and ALUMINIUM EXTRUSION go up and down completely randomly.
Pair Corralation between AFROMEDIA PLC and ALUMINIUM EXTRUSION
If you would invest 715.00 in ALUMINIUM EXTRUSION IND on June 7, 2025 and sell it today you would earn a total of 0.00 from holding ALUMINIUM EXTRUSION IND or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
AFROMEDIA PLC vs. ALUMINIUM EXTRUSION IND
Performance |
| Timeline |
| AFROMEDIA PLC |
| ALUMINIUM EXTRUSION IND |
AFROMEDIA PLC and ALUMINIUM EXTRUSION Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AFROMEDIA PLC and ALUMINIUM EXTRUSION
The main advantage of trading using opposite AFROMEDIA PLC and ALUMINIUM EXTRUSION positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AFROMEDIA PLC position performs unexpectedly, ALUMINIUM EXTRUSION 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 ALUMINIUM EXTRUSION will offset losses from the drop in ALUMINIUM EXTRUSION's long position.| AFROMEDIA PLC vs. FIDELITY BANK PLC | AFROMEDIA PLC vs. WEMA BANK PLC | AFROMEDIA PLC vs. ECOBANK TRANSNATIONAL INCORPORATED | AFROMEDIA PLC vs. BUA FOODS PLC |
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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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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