Correlation Between UNITY BANK and AIICO INSURANCE
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By analyzing existing cross correlation between UNITY BANK PLC and AIICO INSURANCE PLC, you can compare the effects of market volatilities on UNITY BANK and AIICO INSURANCE 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 UNITY BANK with a short position of AIICO INSURANCE. Check out your portfolio center. Please also check ongoing floating volatility patterns of UNITY BANK and AIICO INSURANCE.
Diversification Opportunities for UNITY BANK and AIICO INSURANCE
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between UNITY and AIICO is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding UNITY BANK PLC and AIICO INSURANCE PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AIICO INSURANCE PLC and UNITY 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 UNITY BANK PLC are associated (or correlated) with AIICO INSURANCE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AIICO INSURANCE PLC has no effect on the direction of UNITY BANK i.e., UNITY BANK and AIICO INSURANCE go up and down completely randomly.
Pair Corralation between UNITY BANK and AIICO INSURANCE
If you would invest 156.00 in AIICO INSURANCE PLC on April 13, 2025 and sell it today you would earn a total of 71.00 from holding AIICO INSURANCE PLC or generate 45.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
UNITY BANK PLC vs. AIICO INSURANCE PLC
Performance |
| Timeline |
| UNITY BANK PLC |
| AIICO INSURANCE PLC |
UNITY BANK and AIICO INSURANCE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with UNITY BANK and AIICO INSURANCE
The main advantage of trading using opposite UNITY BANK and AIICO INSURANCE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UNITY BANK position performs unexpectedly, AIICO INSURANCE 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 AIICO INSURANCE will offset losses from the drop in AIICO INSURANCE's long position.| UNITY BANK vs. GUINEA INSURANCE PLC | UNITY BANK vs. VITAFOAM NIGERIA PLC | UNITY BANK vs. SECURE ELECTRONIC TECHNOLOGY | UNITY BANK vs. SFS REAL ESTATE |
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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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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