Correlation Between Attica Publications and National Bank
Can any of the company-specific risk be diversified away by investing in both Attica Publications and National Bank 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 Attica Publications and National Bank into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Attica Publications SA and National Bank of, you can compare the effects of market volatilities on Attica Publications and National Bank 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 Attica Publications with a short position of National Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Attica Publications and National Bank.
Diversification Opportunities for Attica Publications and National Bank
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Attica and National is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Attica Publications SA and National Bank of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on National Bank and Attica Publications 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 Attica Publications SA are associated (or correlated) with National Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of National Bank has no effect on the direction of Attica Publications i.e., Attica Publications and National Bank go up and down completely randomly.
Pair Corralation between Attica Publications and National Bank
Assuming the 90 days trading horizon Attica Publications SA is expected to generate 1.19 times more return on investment than National Bank. However, Attica Publications is 1.19 times more volatile than National Bank of. It trades about 0.22 of its potential returns per unit of risk. National Bank of is currently generating about -0.12 per unit of risk. If you would invest 39.00 in Attica Publications SA on September 4, 2024 and sell it today you would earn a total of 4.00 from holding Attica Publications SA or generate 10.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Attica Publications SA vs. National Bank of
Performance |
| Timeline |
| Attica Publications |
| National Bank |
Attica Publications and National Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Attica Publications and National Bank
The main advantage of trading using opposite Attica Publications and National Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Attica Publications position performs unexpectedly, National Bank 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 National Bank will offset losses from the drop in National Bank's long position.| Attica Publications vs. As Commercial Industrial | Attica Publications vs. Optima bank SA | Attica Publications vs. Logismos Information Systems | Attica Publications vs. Profile Systems Software |
| National Bank vs. Alpha Services and | National Bank vs. Eurobank Ergasias Services | National Bank vs. Piraeus Financial Holdings | National Bank vs. Greek Organization of |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
Other Complementary Tools
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. |