Correlation Between UNITY BANK and FIDELITY BANK
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By analyzing existing cross correlation between UNITY BANK PLC and FIDELITY BANK PLC, you can compare the effects of market volatilities on UNITY BANK 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 UNITY BANK with a short position of FIDELITY BANK. Check out your portfolio center. Please also check ongoing floating volatility patterns of UNITY BANK and FIDELITY BANK.
Diversification Opportunities for UNITY BANK and FIDELITY BANK
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between UNITY and FIDELITY is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding UNITY BANK PLC 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 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 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 UNITY BANK i.e., UNITY BANK and FIDELITY BANK go up and down completely randomly.
Pair Corralation between UNITY BANK and FIDELITY BANK
If you would invest 151.00 in UNITY BANK PLC on August 28, 2025 and sell it today you would earn a total of 0.00 from holding UNITY BANK PLC or generate 0.0% 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. FIDELITY BANK PLC
Performance |
| Timeline |
| UNITY BANK PLC |
| FIDELITY BANK PLC |
UNITY BANK and FIDELITY BANK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with UNITY BANK and FIDELITY BANK
The main advantage of trading using opposite UNITY BANK and FIDELITY BANK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UNITY BANK 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.| UNITY BANK vs. VETIVA BANKING ETF | UNITY BANK vs. C I LEASING | UNITY BANK vs. FORTIS GLOBAL INSURANCE | UNITY BANK vs. TOTALENERGIES MARKETING NIGERIA |
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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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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