Correlation Between NEWGOLD EXCHANGE and VETIVA BANKING
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By analyzing existing cross correlation between NEWGOLD EXCHANGE TRADED and VETIVA BANKING ETF, you can compare the effects of market volatilities on NEWGOLD EXCHANGE and VETIVA BANKING 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 NEWGOLD EXCHANGE with a short position of VETIVA BANKING. Check out your portfolio center. Please also check ongoing floating volatility patterns of NEWGOLD EXCHANGE and VETIVA BANKING.
Diversification Opportunities for NEWGOLD EXCHANGE and VETIVA BANKING
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between NEWGOLD and VETIVA is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding NEWGOLD EXCHANGE TRADED and VETIVA BANKING ETF in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on VETIVA BANKING ETF and NEWGOLD EXCHANGE 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 NEWGOLD EXCHANGE TRADED are associated (or correlated) with VETIVA BANKING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of VETIVA BANKING ETF has no effect on the direction of NEWGOLD EXCHANGE i.e., NEWGOLD EXCHANGE and VETIVA BANKING go up and down completely randomly.
Pair Corralation between NEWGOLD EXCHANGE and VETIVA BANKING
Assuming the 90 days trading horizon NEWGOLD EXCHANGE TRADED is expected to generate 1.81 times more return on investment than VETIVA BANKING. However, NEWGOLD EXCHANGE is 1.81 times more volatile than VETIVA BANKING ETF. It trades about -0.03 of its potential returns per unit of risk. VETIVA BANKING ETF is currently generating about -0.23 per unit of risk. If you would invest 5,599,900 in NEWGOLD EXCHANGE TRADED on June 9, 2025 and sell it today you would lose (169,900) from holding NEWGOLD EXCHANGE TRADED or give up 3.03% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
NEWGOLD EXCHANGE TRADED vs. VETIVA BANKING ETF
Performance |
| Timeline |
| NEWGOLD EXCHANGE TRADED |
| VETIVA BANKING ETF |
NEWGOLD EXCHANGE and VETIVA BANKING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NEWGOLD EXCHANGE and VETIVA BANKING
The main advantage of trading using opposite NEWGOLD EXCHANGE and VETIVA BANKING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NEWGOLD EXCHANGE position performs unexpectedly, VETIVA BANKING 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 VETIVA BANKING will offset losses from the drop in VETIVA BANKING's long position.| NEWGOLD EXCHANGE vs. LIVINGTRUST MORTGAGE BANK | NEWGOLD EXCHANGE vs. AFRICAN ALLIANCE INSURANCE | NEWGOLD EXCHANGE vs. BUA FOODS PLC | NEWGOLD EXCHANGE vs. DN TYRE RUBBER |
| VETIVA BANKING vs. GUINEA INSURANCE PLC | VETIVA BANKING vs. ALUMINIUM EXTRUSION IND | VETIVA BANKING vs. VITAFOAM NIGERIA PLC | VETIVA BANKING 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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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