Correlation Between Alpha Astika and Kekrops SA
Can any of the company-specific risk be diversified away by investing in both Alpha Astika and Kekrops SA 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 Alpha Astika and Kekrops SA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Alpha Astika Akinita and Kekrops SA, you can compare the effects of market volatilities on Alpha Astika and Kekrops SA 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 Alpha Astika with a short position of Kekrops SA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Alpha Astika and Kekrops SA.
Diversification Opportunities for Alpha Astika and Kekrops SA
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between Alpha and Kekrops is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding Alpha Astika Akinita and Kekrops SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kekrops SA and Alpha Astika 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 Alpha Astika Akinita are associated (or correlated) with Kekrops SA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kekrops SA has no effect on the direction of Alpha Astika i.e., Alpha Astika and Kekrops SA go up and down completely randomly.
Pair Corralation between Alpha Astika and Kekrops SA
Assuming the 90 days trading horizon Alpha Astika Akinita is expected to generate 0.45 times more return on investment than Kekrops SA. However, Alpha Astika Akinita is 2.21 times less risky than Kekrops SA. It trades about -0.06 of its potential returns per unit of risk. Kekrops SA is currently generating about -0.05 per unit of risk. If you would invest 710.00 in Alpha Astika Akinita on September 2, 2024 and sell it today you would lose (12.00) from holding Alpha Astika Akinita or give up 1.69% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Alpha Astika Akinita vs. Kekrops SA
Performance |
| Timeline |
| Alpha Astika Akinita |
| Kekrops SA |
Alpha Astika and Kekrops SA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Alpha Astika and Kekrops SA
The main advantage of trading using opposite Alpha Astika and Kekrops SA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Alpha Astika position performs unexpectedly, Kekrops SA 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 Kekrops SA will offset losses from the drop in Kekrops SA's long position.| Alpha Astika vs. National Bank of | Alpha Astika vs. EL D Mouzakis | Alpha Astika vs. Lampsa Hellenic Hotels | Alpha Astika vs. Austriacard Holdings AG |
| Kekrops SA vs. Athens Medical CSA | Kekrops SA vs. Profile Systems Software | Kekrops SA vs. Foodlink AE | Kekrops SA vs. Intertech SA Inter |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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