Correlation Between MAY BAKER and GREENWICH ASSET
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By analyzing existing cross correlation between MAY BAKER NIGERIA and GREENWICH ASSET ETF, you can compare the effects of market volatilities on MAY BAKER and GREENWICH ASSET 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 MAY BAKER with a short position of GREENWICH ASSET. Check out your portfolio center. Please also check ongoing floating volatility patterns of MAY BAKER and GREENWICH ASSET.
Diversification Opportunities for MAY BAKER and GREENWICH ASSET
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between MAY and GREENWICH is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding MAY BAKER NIGERIA and GREENWICH ASSET ETF in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GREENWICH ASSET ETF and MAY BAKER 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 MAY BAKER NIGERIA are associated (or correlated) with GREENWICH ASSET. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GREENWICH ASSET ETF has no effect on the direction of MAY BAKER i.e., MAY BAKER and GREENWICH ASSET go up and down completely randomly.
Pair Corralation between MAY BAKER and GREENWICH ASSET
Assuming the 90 days trading horizon MAY BAKER NIGERIA is expected to generate 0.74 times more return on investment than GREENWICH ASSET. However, MAY BAKER NIGERIA is 1.35 times less risky than GREENWICH ASSET. It trades about 0.17 of its potential returns per unit of risk. GREENWICH ASSET ETF is currently generating about -0.04 per unit of risk. If you would invest 1,170 in MAY BAKER NIGERIA on May 27, 2025 and sell it today you would earn a total of 635.00 from holding MAY BAKER NIGERIA or generate 54.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
MAY BAKER NIGERIA vs. GREENWICH ASSET ETF
Performance |
| Timeline |
| MAY BAKER NIGERIA |
| GREENWICH ASSET ETF |
MAY BAKER and GREENWICH ASSET Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MAY BAKER and GREENWICH ASSET
The main advantage of trading using opposite MAY BAKER and GREENWICH ASSET positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MAY BAKER position performs unexpectedly, GREENWICH ASSET 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 GREENWICH ASSET will offset losses from the drop in GREENWICH ASSET's long position.| MAY BAKER vs. MULTIVERSE MINING AND | MAY BAKER vs. AXAMANSARD INSURANCE PLC | MAY BAKER vs. FORTIS GLOBAL INSURANCE | MAY BAKER vs. AFRICAN ALLIANCE INSURANCE |
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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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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