Correlation Between FIDELITY BANK and INTERNATIONAL ENERGY
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By analyzing existing cross correlation between FIDELITY BANK PLC and INTERNATIONAL ENERGY INSURANCE, you can compare the effects of market volatilities on FIDELITY BANK and INTERNATIONAL ENERGY 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 FIDELITY BANK with a short position of INTERNATIONAL ENERGY. Check out your portfolio center. Please also check ongoing floating volatility patterns of FIDELITY BANK and INTERNATIONAL ENERGY.
Diversification Opportunities for FIDELITY BANK and INTERNATIONAL ENERGY
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between FIDELITY and INTERNATIONAL is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding FIDELITY BANK PLC and INTERNATIONAL ENERGY INSURANCE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INTERNATIONAL ENERGY and FIDELITY BANK 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 FIDELITY BANK PLC are associated (or correlated) with INTERNATIONAL ENERGY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INTERNATIONAL ENERGY has no effect on the direction of FIDELITY BANK i.e., FIDELITY BANK and INTERNATIONAL ENERGY go up and down completely randomly.
Pair Corralation between FIDELITY BANK and INTERNATIONAL ENERGY
Assuming the 90 days trading horizon FIDELITY BANK PLC is expected to generate 0.78 times more return on investment than INTERNATIONAL ENERGY. However, FIDELITY BANK PLC is 1.28 times less risky than INTERNATIONAL ENERGY. It trades about 0.05 of its potential returns per unit of risk. INTERNATIONAL ENERGY INSURANCE is currently generating about 0.0 per unit of risk. If you would invest 1,825 in FIDELITY BANK PLC on March 24, 2025 and sell it today you would earn a total of 115.00 from holding FIDELITY BANK PLC or generate 6.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
FIDELITY BANK PLC vs. INTERNATIONAL ENERGY INSURANCE
Performance |
| Timeline |
| FIDELITY BANK PLC |
| INTERNATIONAL ENERGY |
FIDELITY BANK and INTERNATIONAL ENERGY Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FIDELITY BANK and INTERNATIONAL ENERGY
The main advantage of trading using opposite FIDELITY BANK and INTERNATIONAL ENERGY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FIDELITY BANK position performs unexpectedly, INTERNATIONAL ENERGY 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 INTERNATIONAL ENERGY will offset losses from the drop in INTERNATIONAL ENERGY's long position.| FIDELITY BANK vs. CONSOLIDATED HALLMARK INSURANCE | FIDELITY BANK vs. NEM INSURANCE PLC | FIDELITY BANK vs. UNIVERSAL INSURANCE PANY | FIDELITY BANK vs. FORTIS GLOBAL INSURANCE |
| INTERNATIONAL ENERGY vs. UNITY BANK PLC | INTERNATIONAL ENERGY vs. CORNERSTONE INSURANCE PLC | INTERNATIONAL ENERGY vs. ASO SAVINGS AND | INTERNATIONAL ENERGY vs. DN TYRE RUBBER |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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