Correlation Between NewFunds Shariah and Centaur Bci
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By analyzing existing cross correlation between NewFunds Shariah Top and Centaur Bci Balanced, you can compare the effects of market volatilities on NewFunds Shariah and Centaur Bci 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 NewFunds Shariah with a short position of Centaur Bci. Check out your portfolio center. Please also check ongoing floating volatility patterns of NewFunds Shariah and Centaur Bci.
Diversification Opportunities for NewFunds Shariah and Centaur Bci
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between NewFunds and Centaur is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding NewFunds Shariah Top and Centaur Bci Balanced in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Centaur Bci Balanced and NewFunds Shariah 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 NewFunds Shariah Top are associated (or correlated) with Centaur Bci. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Centaur Bci Balanced has no effect on the direction of NewFunds Shariah i.e., NewFunds Shariah and Centaur Bci go up and down completely randomly.
Pair Corralation between NewFunds Shariah and Centaur Bci
Assuming the 90 days trading horizon NewFunds Shariah Top is expected to under-perform the Centaur Bci. In addition to that, NewFunds Shariah is 2.6 times more volatile than Centaur Bci Balanced. It trades about -0.03 of its total potential returns per unit of risk. Centaur Bci Balanced is currently generating about 0.2 per unit of volatility. If you would invest 233.00 in Centaur Bci Balanced on September 17, 2024 and sell it today you would earn a total of 13.00 from holding Centaur Bci Balanced or generate 5.58% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 96.88% |
Values | Daily Returns |
NewFunds Shariah Top vs. Centaur Bci Balanced
Performance |
Timeline |
NewFunds Shariah Top |
Centaur Bci Balanced |
NewFunds Shariah and Centaur Bci Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with NewFunds Shariah and Centaur Bci
The main advantage of trading using opposite NewFunds Shariah and Centaur Bci positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NewFunds Shariah position performs unexpectedly, Centaur Bci 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 Centaur Bci will offset losses from the drop in Centaur Bci's long position.NewFunds Shariah vs. Centaur Bci Balanced | NewFunds Shariah vs. Europa Metals | NewFunds Shariah vs. British American Tobacco | NewFunds Shariah vs. Kap Industrial Holdings |
Centaur Bci vs. Coronation Global Optimum | Centaur Bci vs. Discovery Aggressive Dynamic | Centaur Bci vs. Bci Best Blend | Centaur Bci vs. Assetbase Cpi 6 |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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