Correlation Between GREENWICH ASSET and IKEJA HOTELS
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By analyzing existing cross correlation between GREENWICH ASSET ETF and IKEJA HOTELS PLC, you can compare the effects of market volatilities on GREENWICH ASSET and IKEJA HOTELS 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 GREENWICH ASSET with a short position of IKEJA HOTELS. Check out your portfolio center. Please also check ongoing floating volatility patterns of GREENWICH ASSET and IKEJA HOTELS.
Diversification Opportunities for GREENWICH ASSET and IKEJA HOTELS
-0.79 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GREENWICH and IKEJA is -0.79. Overlapping area represents the amount of risk that can be diversified away by holding GREENWICH ASSET ETF and IKEJA HOTELS PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IKEJA HOTELS PLC and GREENWICH ASSET 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 GREENWICH ASSET ETF are associated (or correlated) with IKEJA HOTELS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of IKEJA HOTELS PLC has no effect on the direction of GREENWICH ASSET i.e., GREENWICH ASSET and IKEJA HOTELS go up and down completely randomly.
Pair Corralation between GREENWICH ASSET and IKEJA HOTELS
Assuming the 90 days trading horizon GREENWICH ASSET ETF is expected to under-perform the IKEJA HOTELS. In addition to that, GREENWICH ASSET is 1.52 times more volatile than IKEJA HOTELS PLC. It trades about -0.45 of its total potential returns per unit of risk. IKEJA HOTELS PLC is currently generating about 0.31 per unit of volatility. If you would invest 1,450 in IKEJA HOTELS PLC on April 3, 2025 and sell it today you would earn a total of 345.00 from holding IKEJA HOTELS PLC or generate 23.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
GREENWICH ASSET ETF vs. IKEJA HOTELS PLC
Performance |
| Timeline |
| GREENWICH ASSET ETF |
| IKEJA HOTELS PLC |
GREENWICH ASSET and IKEJA HOTELS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GREENWICH ASSET and IKEJA HOTELS
The main advantage of trading using opposite GREENWICH ASSET and IKEJA HOTELS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GREENWICH ASSET position performs unexpectedly, IKEJA HOTELS 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 IKEJA HOTELS will offset losses from the drop in IKEJA HOTELS's long position.| GREENWICH ASSET vs. ASO SAVINGS AND | GREENWICH ASSET vs. VETIVA BANKING ETF | GREENWICH ASSET vs. AIICO INSURANCE PLC | GREENWICH ASSET vs. CORONATION INSURANCE 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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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