Correlation Between ANEK Lines and Thrace Plastics
Can any of the company-specific risk be diversified away by investing in both ANEK Lines and Thrace Plastics 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 ANEK Lines and Thrace Plastics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ANEK Lines SA and Thrace Plastics Holding, you can compare the effects of market volatilities on ANEK Lines and Thrace Plastics 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 ANEK Lines with a short position of Thrace Plastics. Check out your portfolio center. Please also check ongoing floating volatility patterns of ANEK Lines and Thrace Plastics.
Diversification Opportunities for ANEK Lines and Thrace Plastics
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between ANEK and Thrace is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ANEK Lines SA and Thrace Plastics Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thrace Plastics Holding and ANEK Lines 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 ANEK Lines SA are associated (or correlated) with Thrace Plastics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thrace Plastics Holding has no effect on the direction of ANEK Lines i.e., ANEK Lines and Thrace Plastics go up and down completely randomly.
Pair Corralation between ANEK Lines and Thrace Plastics
If you would invest 370.00 in Thrace Plastics Holding on August 28, 2024 and sell it today you would earn a total of 24.00 from holding Thrace Plastics Holding or generate 6.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
ANEK Lines SA vs. Thrace Plastics Holding
Performance |
| Timeline |
| ANEK Lines SA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Thrace Plastics Holding |
ANEK Lines and Thrace Plastics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ANEK Lines and Thrace Plastics
The main advantage of trading using opposite ANEK Lines and Thrace Plastics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ANEK Lines position performs unexpectedly, Thrace Plastics 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 Thrace Plastics will offset losses from the drop in Thrace Plastics' long position.| ANEK Lines vs. Profile Systems Software | ANEK Lines vs. Logismos Information Systems | ANEK Lines vs. National Bank of | ANEK Lines vs. Thrace Plastics Holding |
| Thrace Plastics vs. Elvalhalcor Hellenic Copper | Thrace Plastics vs. Performance Technologies SA | Thrace Plastics vs. Optronics Technologies SA | Thrace Plastics vs. Logismos Information Systems |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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