Correlation Between Attica Publications and General Commercial
Can any of the company-specific risk be diversified away by investing in both Attica Publications and General Commercial 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 General Commercial 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 General Commercial Industrial, you can compare the effects of market volatilities on Attica Publications and General Commercial 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 General Commercial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Attica Publications and General Commercial.
Diversification Opportunities for Attica Publications and General Commercial
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Attica and General is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Attica Publications SA and General Commercial Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on General Commercial 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 General Commercial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of General Commercial has no effect on the direction of Attica Publications i.e., Attica Publications and General Commercial go up and down completely randomly.
Pair Corralation between Attica Publications and General Commercial
Assuming the 90 days trading horizon Attica Publications SA is expected to generate 2.14 times more return on investment than General Commercial. However, Attica Publications is 2.14 times more volatile than General Commercial Industrial. It trades about 0.05 of its potential returns per unit of risk. General Commercial Industrial is currently generating about 0.02 per unit of risk. If you would invest 28.00 in Attica Publications SA on September 3, 2024 and sell it today you would earn a total of 15.00 from holding Attica Publications SA or generate 53.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 81.87% |
| Values | Daily Returns |
Attica Publications SA vs. General Commercial Industrial
Performance |
| Timeline |
| Attica Publications |
| General Commercial |
Attica Publications and General Commercial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Attica Publications and General Commercial
The main advantage of trading using opposite Attica Publications and General Commercial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Attica Publications position performs unexpectedly, General Commercial 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 General Commercial will offset losses from the drop in General Commercial's long position.| Attica Publications vs. National Bank of | Attica Publications vs. EL D Mouzakis | Attica Publications vs. Lampsa Hellenic Hotels | Attica Publications vs. N Leventeris SA |
| General Commercial vs. Ekter SA | General Commercial vs. Elton International Trading | General Commercial vs. Piraeus Port Authority | General Commercial vs. Hellenic Petroleum SA |
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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