Correlation Between As Commercial and Emporiki Eisagogiki
Can any of the company-specific risk be diversified away by investing in both As Commercial and Emporiki Eisagogiki 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 As Commercial and Emporiki Eisagogiki into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between As Commercial Industrial and Emporiki Eisagogiki Aftokiniton, you can compare the effects of market volatilities on As Commercial and Emporiki Eisagogiki 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 As Commercial with a short position of Emporiki Eisagogiki. Check out your portfolio center. Please also check ongoing floating volatility patterns of As Commercial and Emporiki Eisagogiki.
Diversification Opportunities for As Commercial and Emporiki Eisagogiki
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between ASCO and Emporiki is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding As Commercial Industrial and Emporiki Eisagogiki Aftokinito in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Emporiki Eisagogiki and As Commercial 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 As Commercial Industrial are associated (or correlated) with Emporiki Eisagogiki. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Emporiki Eisagogiki has no effect on the direction of As Commercial i.e., As Commercial and Emporiki Eisagogiki go up and down completely randomly.
Pair Corralation between As Commercial and Emporiki Eisagogiki
Assuming the 90 days trading horizon As Commercial is expected to generate 1.18 times less return on investment than Emporiki Eisagogiki. But when comparing it to its historical volatility, As Commercial Industrial is 1.89 times less risky than Emporiki Eisagogiki. It trades about 0.05 of its potential returns per unit of risk. Emporiki Eisagogiki Aftokiniton is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 197.00 in Emporiki Eisagogiki Aftokiniton on September 2, 2024 and sell it today you would earn a total of 63.00 from holding Emporiki Eisagogiki Aftokiniton or generate 31.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
As Commercial Industrial vs. Emporiki Eisagogiki Aftokinito
Performance |
| Timeline |
| As Commercial Industrial |
| Emporiki Eisagogiki |
As Commercial and Emporiki Eisagogiki Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with As Commercial and Emporiki Eisagogiki
The main advantage of trading using opposite As Commercial and Emporiki Eisagogiki positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if As Commercial position performs unexpectedly, Emporiki Eisagogiki 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 Emporiki Eisagogiki will offset losses from the drop in Emporiki Eisagogiki's long position.| As Commercial vs. Autohellas SA | As Commercial vs. BriQ Properties Real | As Commercial vs. Thrace Plastics Holding | As Commercial vs. Kri Kri Milk Industry |
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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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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