Correlation Between FIDELITY BANK and VFD GROUP
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By analyzing existing cross correlation between FIDELITY BANK PLC and VFD GROUP, you can compare the effects of market volatilities on FIDELITY BANK and VFD GROUP 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 VFD GROUP. Check out your portfolio center. Please also check ongoing floating volatility patterns of FIDELITY BANK and VFD GROUP.
Diversification Opportunities for FIDELITY BANK and VFD GROUP
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between FIDELITY and VFD is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding FIDELITY BANK PLC and VFD GROUP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on VFD GROUP 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 VFD GROUP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of VFD GROUP has no effect on the direction of FIDELITY BANK i.e., FIDELITY BANK and VFD GROUP go up and down completely randomly.
Pair Corralation between FIDELITY BANK and VFD GROUP
Assuming the 90 days trading horizon FIDELITY BANK PLC is expected to generate 0.24 times more return on investment than VFD GROUP. However, FIDELITY BANK PLC is 4.16 times less risky than VFD GROUP. It trades about 0.08 of its potential returns per unit of risk. VFD GROUP is currently generating about -0.14 per unit of risk. If you would invest 1,870 in FIDELITY BANK PLC on April 21, 2025 and sell it today you would earn a total of 215.00 from holding FIDELITY BANK PLC or generate 11.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
FIDELITY BANK PLC vs. VFD GROUP
Performance |
| Timeline |
| FIDELITY BANK PLC |
| VFD GROUP |
FIDELITY BANK and VFD GROUP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FIDELITY BANK and VFD GROUP
The main advantage of trading using opposite FIDELITY BANK and VFD GROUP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FIDELITY BANK position performs unexpectedly, VFD GROUP 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 VFD GROUP will offset losses from the drop in VFD GROUP's long position.| FIDELITY BANK vs. ASO SAVINGS AND | FIDELITY BANK vs. UNIVERSAL INSURANCE PANY | FIDELITY BANK vs. AXAMANSARD INSURANCE PLC | FIDELITY BANK vs. INDUSTRIAL MEDICAL GASES |
| VFD GROUP vs. GUINEA INSURANCE PLC | VFD GROUP vs. ALUMINIUM EXTRUSION IND | VFD GROUP vs. VITAFOAM NIGERIA PLC | VFD GROUP vs. JAPAUL OIL MARITIME |
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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