Correlation Between UNITED BANK and AFROMEDIA PLC
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By analyzing existing cross correlation between UNITED BANK FOR and AFROMEDIA PLC, you can compare the effects of market volatilities on UNITED BANK and AFROMEDIA PLC 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 UNITED BANK with a short position of AFROMEDIA PLC. Check out your portfolio center. Please also check ongoing floating volatility patterns of UNITED BANK and AFROMEDIA PLC.
Diversification Opportunities for UNITED BANK and AFROMEDIA PLC
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between UNITED and AFROMEDIA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding UNITED BANK FOR and AFROMEDIA PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AFROMEDIA PLC and UNITED BANK 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 UNITED BANK FOR are associated (or correlated) with AFROMEDIA PLC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AFROMEDIA PLC has no effect on the direction of UNITED BANK i.e., UNITED BANK and AFROMEDIA PLC go up and down completely randomly.
Pair Corralation between UNITED BANK and AFROMEDIA PLC
If you would invest 3,400 in UNITED BANK FOR on April 19, 2025 and sell it today you would earn a total of 1,200 from holding UNITED BANK FOR or generate 35.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
UNITED BANK FOR vs. AFROMEDIA PLC
Performance |
| Timeline |
| UNITED BANK FOR |
| AFROMEDIA PLC |
UNITED BANK and AFROMEDIA PLC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with UNITED BANK and AFROMEDIA PLC
The main advantage of trading using opposite UNITED BANK and AFROMEDIA PLC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UNITED BANK position performs unexpectedly, AFROMEDIA PLC 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 AFROMEDIA PLC will offset losses from the drop in AFROMEDIA PLC's long position.| UNITED BANK vs. FORTIS GLOBAL INSURANCE | UNITED BANK vs. AIICO INSURANCE PLC | UNITED BANK vs. AFRICAN ALLIANCE INSURANCE | UNITED BANK vs. STACO INSURANCE PLC |
| AFROMEDIA PLC vs. SECURE ELECTRONIC TECHNOLOGY | AFROMEDIA PLC vs. DN TYRE RUBBER | AFROMEDIA PLC vs. LIVINGTRUST MORTGAGE BANK | AFROMEDIA PLC vs. JAIZ BANK 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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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