Correlation Between UNITY BANK and NORTHERN NIGERIA
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By analyzing existing cross correlation between UNITY BANK PLC and NORTHERN NIGERIA FLOUR, you can compare the effects of market volatilities on UNITY BANK and NORTHERN NIGERIA 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 NORTHERN NIGERIA. Check out your portfolio center. Please also check ongoing floating volatility patterns of UNITY BANK and NORTHERN NIGERIA.
Diversification Opportunities for UNITY BANK and NORTHERN NIGERIA
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between UNITY and NORTHERN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding UNITY BANK PLC and NORTHERN NIGERIA FLOUR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NORTHERN NIGERIA FLOUR 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 NORTHERN NIGERIA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NORTHERN NIGERIA FLOUR has no effect on the direction of UNITY BANK i.e., UNITY BANK and NORTHERN NIGERIA go up and down completely randomly.
Pair Corralation between UNITY BANK and NORTHERN NIGERIA
If you would invest 7,980 in NORTHERN NIGERIA FLOUR on March 26, 2025 and sell it today you would earn a total of 2,150 from holding NORTHERN NIGERIA FLOUR or generate 26.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 98.25% |
| Values | Daily Returns |
UNITY BANK PLC vs. NORTHERN NIGERIA FLOUR
Performance |
| Timeline |
| UNITY BANK PLC |
| NORTHERN NIGERIA FLOUR |
UNITY BANK and NORTHERN NIGERIA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with UNITY BANK and NORTHERN NIGERIA
The main advantage of trading using opposite UNITY BANK and NORTHERN NIGERIA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UNITY BANK position performs unexpectedly, NORTHERN NIGERIA 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 NORTHERN NIGERIA will offset losses from the drop in NORTHERN NIGERIA's long position.| UNITY BANK vs. GUINEA INSURANCE PLC | UNITY BANK vs. ALUMINIUM EXTRUSION IND | UNITY BANK vs. VITAFOAM NIGERIA PLC | UNITY BANK vs. SECURE ELECTRONIC TECHNOLOGY |
| NORTHERN NIGERIA vs. STACO INSURANCE PLC | NORTHERN NIGERIA vs. ASO SAVINGS AND | NORTHERN NIGERIA vs. LIVINGTRUST MORTGAGE BANK | NORTHERN NIGERIA vs. AIICO INSURANCE 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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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