Correlation Between Corus Entertainment and Anghami Warrants

Can any of the company-specific risk be diversified away by investing in both Corus Entertainment and Anghami Warrants at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Corus Entertainment and Anghami Warrants into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Corus Entertainment and Anghami Warrants, you can compare the effects of market volatilities on Corus Entertainment and Anghami Warrants 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 Corus Entertainment with a short position of Anghami Warrants. Check out your portfolio center. Please also check ongoing floating volatility patterns of Corus Entertainment and Anghami Warrants.

Diversification Opportunities for Corus Entertainment and Anghami Warrants

0.0

Correlation Coefficient

Corus Entertainment  Anghami Warrants

Pay attention - limited upside

The 3 months correlation between Corus and Anghami is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Corus Entertainment and Anghami Warrants in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anghami Warrants and Corus Entertainment 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 Corus Entertainment are associated (or correlated) with Anghami Warrants. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anghami Warrants has no effect on the direction of Corus Entertainment i.e., Corus Entertainment and Anghami Warrants go up and down completely randomly.

Pair Corralation between Corus Entertainment and Anghami Warrants

If you would invest  1.79  in Anghami Warrants on December 29, 2024 and sell it today you would lose (0.49) from holding Anghami Warrants or give up 27.37% of portfolio value over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	0.0%
Values	Daily Returns

Corus Entertainment  vs.  Anghami Warrants

Corus Entertainment

Risk-Adjusted Performance

Very Weak

Over the last 90 days Corus Entertainment has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable technical and fundamental indicators, Corus Entertainment is not utilizing all of its potentials. The latest stock price disturbance, may contribute to mid-run losses for the stockholders.

Anghami Warrants

Risk-Adjusted Performance

Weak

Compared to the overall equity markets, risk-adjusted returns on investments in Anghami Warrants are ranked lower than 1 (%) of all global equities and portfolios over the last 90 days. In spite of fairly inconsistent technical indicators, Anghami Warrants may actually be approaching a critical reversion point that can send shares even higher in April 2025.

Pair Trading with Corus Entertainment and Anghami Warrants

The main advantage of trading using opposite Corus Entertainment and Anghami Warrants positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Corus Entertainment position performs unexpectedly, Anghami Warrants 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 Anghami Warrants will offset losses from the drop in Anghami Warrants' long position.

The idea behind Corus Entertainment and Anghami Warrants pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.