Correlation Between INDUSTRIAL MEDICAL and AIRTEL AFRICA
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By analyzing existing cross correlation between INDUSTRIAL MEDICAL GASES and AIRTEL AFRICA PLC, you can compare the effects of market volatilities on INDUSTRIAL MEDICAL and AIRTEL AFRICA 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 INDUSTRIAL MEDICAL with a short position of AIRTEL AFRICA. Check out your portfolio center. Please also check ongoing floating volatility patterns of INDUSTRIAL MEDICAL and AIRTEL AFRICA.
Diversification Opportunities for INDUSTRIAL MEDICAL and AIRTEL AFRICA
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between INDUSTRIAL and AIRTEL is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding INDUSTRIAL MEDICAL GASES and AIRTEL AFRICA PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AIRTEL AFRICA PLC and INDUSTRIAL MEDICAL 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 INDUSTRIAL MEDICAL GASES are associated (or correlated) with AIRTEL AFRICA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AIRTEL AFRICA PLC has no effect on the direction of INDUSTRIAL MEDICAL i.e., INDUSTRIAL MEDICAL and AIRTEL AFRICA go up and down completely randomly.
Pair Corralation between INDUSTRIAL MEDICAL and AIRTEL AFRICA
If you would invest 3,490 in INDUSTRIAL MEDICAL GASES on April 19, 2025 and sell it today you would earn a total of 755.00 from holding INDUSTRIAL MEDICAL GASES or generate 21.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
INDUSTRIAL MEDICAL GASES vs. AIRTEL AFRICA PLC
Performance |
| Timeline |
| INDUSTRIAL MEDICAL GASES |
| AIRTEL AFRICA PLC |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
INDUSTRIAL MEDICAL and AIRTEL AFRICA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INDUSTRIAL MEDICAL and AIRTEL AFRICA
The main advantage of trading using opposite INDUSTRIAL MEDICAL and AIRTEL AFRICA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INDUSTRIAL MEDICAL position performs unexpectedly, AIRTEL AFRICA 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 AIRTEL AFRICA will offset losses from the drop in AIRTEL AFRICA's long position.| INDUSTRIAL MEDICAL vs. GUINEA INSURANCE PLC | INDUSTRIAL MEDICAL vs. ALUMINIUM EXTRUSION IND | INDUSTRIAL MEDICAL vs. VITAFOAM NIGERIA PLC | INDUSTRIAL MEDICAL vs. JAPAUL OIL MARITIME |
| AIRTEL AFRICA vs. TRANSCORP HOTELS PLC | AIRTEL AFRICA vs. CONSOLIDATED HALLMARK INSURANCE | AIRTEL AFRICA vs. SOVEREIGN TRUST INSURANCE | AIRTEL AFRICA vs. INTERNATIONAL ENERGY 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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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