Correlation Between AXAMANSARD INSURANCE and MAY BAKER
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By analyzing existing cross correlation between AXAMANSARD INSURANCE PLC and MAY BAKER NIGERIA, you can compare the effects of market volatilities on AXAMANSARD INSURANCE and MAY BAKER 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 AXAMANSARD INSURANCE with a short position of MAY BAKER. Check out your portfolio center. Please also check ongoing floating volatility patterns of AXAMANSARD INSURANCE and MAY BAKER.
Diversification Opportunities for AXAMANSARD INSURANCE and MAY BAKER
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between AXAMANSARD and MAY is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding AXAMANSARD INSURANCE PLC and MAY BAKER NIGERIA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MAY BAKER NIGERIA and AXAMANSARD INSURANCE 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 AXAMANSARD INSURANCE PLC are associated (or correlated) with MAY BAKER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MAY BAKER NIGERIA has no effect on the direction of AXAMANSARD INSURANCE i.e., AXAMANSARD INSURANCE and MAY BAKER go up and down completely randomly.
Pair Corralation between AXAMANSARD INSURANCE and MAY BAKER
Assuming the 90 days trading horizon AXAMANSARD INSURANCE PLC is expected to generate 1.11 times more return on investment than MAY BAKER. However, AXAMANSARD INSURANCE is 1.11 times more volatile than MAY BAKER NIGERIA. It trades about 0.2 of its potential returns per unit of risk. MAY BAKER NIGERIA is currently generating about 0.11 per unit of risk. If you would invest 925.00 in AXAMANSARD INSURANCE PLC on June 7, 2025 and sell it today you would earn a total of 657.00 from holding AXAMANSARD INSURANCE PLC or generate 71.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AXAMANSARD INSURANCE PLC vs. MAY BAKER NIGERIA
Performance |
| Timeline |
| AXAMANSARD INSURANCE PLC |
| MAY BAKER NIGERIA |
AXAMANSARD INSURANCE and MAY BAKER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AXAMANSARD INSURANCE and MAY BAKER
The main advantage of trading using opposite AXAMANSARD INSURANCE and MAY BAKER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AXAMANSARD INSURANCE position performs unexpectedly, MAY BAKER 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 MAY BAKER will offset losses from the drop in MAY BAKER's long position.| AXAMANSARD INSURANCE vs. WEMA BANK PLC | AXAMANSARD INSURANCE vs. UNION HOMES REAL | AXAMANSARD INSURANCE vs. BUA FOODS PLC | AXAMANSARD INSURANCE vs. JAIZ BANK 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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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