Correlation Between Admie Holding and Ellaktor
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By analyzing existing cross correlation between Admie Holding SA and Ellaktor SA, you can compare the effects of market volatilities on Admie Holding and Ellaktor 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 Admie Holding with a short position of Ellaktor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Admie Holding and Ellaktor.
Diversification Opportunities for Admie Holding and Ellaktor
-0.67 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Admie and Ellaktor is -0.67. Overlapping area represents the amount of risk that can be diversified away by holding Admie Holding SA and Ellaktor SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ellaktor SA and Admie Holding 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 Admie Holding SA are associated (or correlated) with Ellaktor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ellaktor SA has no effect on the direction of Admie Holding i.e., Admie Holding and Ellaktor go up and down completely randomly.
Pair Corralation between Admie Holding and Ellaktor
Assuming the 90 days trading horizon Admie Holding SA is expected to generate 0.62 times more return on investment than Ellaktor. However, Admie Holding SA is 1.62 times less risky than Ellaktor. It trades about 0.06 of its potential returns per unit of risk. Ellaktor SA is currently generating about 0.01 per unit of risk. If you would invest 164.00 in Admie Holding SA on August 30, 2024 and sell it today you would earn a total of 74.00 from holding Admie Holding SA or generate 45.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Admie Holding SA vs. Ellaktor SA
Performance |
| Timeline |
| Admie Holding SA |
| Ellaktor SA |
Admie Holding and Ellaktor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Admie Holding and Ellaktor
The main advantage of trading using opposite Admie Holding and Ellaktor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Admie Holding position performs unexpectedly, Ellaktor 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 Ellaktor will offset losses from the drop in Ellaktor's long position.| Admie Holding vs. Public Power | Admie Holding vs. Mytilineos SA | Admie Holding vs. Hellenic Petroleum SA | Admie Holding vs. Greek Organization of |
| Ellaktor vs. Admie Holding SA | Ellaktor vs. Coca Cola HBC AG | Ellaktor vs. Quest Holdings SA | Ellaktor vs. Motor Oil Corinth |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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