Correlation Between Athens General and Ellaktor
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By analyzing existing cross correlation between Athens General Composite and Ellaktor SA, you can compare the effects of market volatilities on Athens General and Ellaktor 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 Athens General with a short position of Ellaktor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Athens General and Ellaktor.
Diversification Opportunities for Athens General and Ellaktor
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Athens and Ellaktor is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Athens General Composite and Ellaktor SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ellaktor SA and Athens General 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 Athens General Composite are associated (or correlated) with Ellaktor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ellaktor SA has no effect on the direction of Athens General i.e., Athens General and Ellaktor go up and down completely randomly.
Pair Corralation between Athens General and Ellaktor
Assuming the 90 days trading horizon Athens General Composite is expected to generate 0.39 times more return on investment than Ellaktor. However, Athens General Composite is 2.57 times less risky than Ellaktor. It trades about 0.05 of its potential returns per unit of risk. Ellaktor SA is currently generating about -0.04 per unit of risk. If you would invest 126,469 in Athens General Composite on August 24, 2024 and sell it today you would earn a total of 13,294 from holding Athens General Composite or generate 10.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Athens General Composite vs. Ellaktor SA
Performance |
| Timeline |
Athens General and Ellaktor Volatility Contrast
Predicted Return Density |
| Returns |
Athens General Composite
Pair trading matchups for Athens General
Ellaktor SA
Pair trading matchups for Ellaktor
Pair Trading with Athens General and Ellaktor
The main advantage of trading using opposite Athens General and Ellaktor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Athens General position performs unexpectedly, Ellaktor 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 Ellaktor will offset losses from the drop in Ellaktor's long position.| Athens General vs. Intracom Constructions Societe | Athens General vs. Thrace Plastics Holding | Athens General vs. Logismos Information Systems | Athens General vs. Elvalhalcor Hellenic Copper |
| Ellaktor vs. Mytilineos SA | Ellaktor vs. Motor Oil Corinth | Ellaktor vs. Hellenic Petroleum SA | Ellaktor vs. National Bank 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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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