Correlation Between Triumph and FIDELITY BANK
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By analyzing existing cross correlation between Triumph Group and FIDELITY BANK PLC, you can compare the effects of market volatilities on Triumph and FIDELITY BANK 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 Triumph with a short position of FIDELITY BANK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Triumph and FIDELITY BANK.
Diversification Opportunities for Triumph and FIDELITY BANK
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Triumph and FIDELITY is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Triumph Group and FIDELITY BANK PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FIDELITY BANK PLC and Triumph 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 Triumph Group are associated (or correlated) with FIDELITY BANK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FIDELITY BANK PLC has no effect on the direction of Triumph i.e., Triumph and FIDELITY BANK go up and down completely randomly.
Pair Corralation between Triumph and FIDELITY BANK
Considering the 90-day investment horizon Triumph is expected to generate 15.33 times less return on investment than FIDELITY BANK. But when comparing it to its historical volatility, Triumph Group is 10.97 times less risky than FIDELITY BANK. It trades about 0.12 of its potential returns per unit of risk. FIDELITY BANK PLC is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 1,820 in FIDELITY BANK PLC on March 25, 2025 and sell it today you would earn a total of 120.00 from holding FIDELITY BANK PLC or generate 6.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 94.74% |
| Values | Daily Returns |
Triumph Group vs. FIDELITY BANK PLC
Performance |
| Timeline |
| Triumph Group |
| FIDELITY BANK PLC |
Triumph and FIDELITY BANK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Triumph and FIDELITY BANK
The main advantage of trading using opposite Triumph and FIDELITY BANK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Triumph position performs unexpectedly, FIDELITY BANK 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 FIDELITY BANK will offset losses from the drop in FIDELITY BANK's long position.| Triumph vs. Mercury Systems | Triumph vs. Curtiss Wright | Triumph vs. Hexcel | Triumph vs. Ducommun Incorporated |
| FIDELITY BANK vs. STACO INSURANCE PLC | FIDELITY BANK vs. CORNERSTONE INSURANCE PLC | FIDELITY BANK vs. ECOBANK TRANSNATIONAL INCORPORATED | FIDELITY BANK vs. CHAMPION BREWERIES PLC |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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