Correlation Between Attica Holdings and Piraeus Port
Can any of the company-specific risk be diversified away by investing in both Attica Holdings and Piraeus Port 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 Holdings and Piraeus Port into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Attica Holdings SA and Piraeus Port Authority, you can compare the effects of market volatilities on Attica Holdings and Piraeus Port 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 Holdings with a short position of Piraeus Port. Check out your portfolio center. Please also check ongoing floating volatility patterns of Attica Holdings and Piraeus Port.
Diversification Opportunities for Attica Holdings and Piraeus Port
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Attica and Piraeus is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Attica Holdings SA and Piraeus Port Authority in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Piraeus Port Authority and Attica Holdings 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 Holdings SA are associated (or correlated) with Piraeus Port. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Piraeus Port Authority has no effect on the direction of Attica Holdings i.e., Attica Holdings and Piraeus Port go up and down completely randomly.
Pair Corralation between Attica Holdings and Piraeus Port
If you would invest 0.00 in Piraeus Port Authority on August 30, 2024 and sell it today you would earn a total of 0.00 from holding Piraeus Port Authority or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Attica Holdings SA vs. Piraeus Port Authority
Performance |
| Timeline |
| Attica Holdings SA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Piraeus Port Authority |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Attica Holdings and Piraeus Port Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Attica Holdings and Piraeus Port
The main advantage of trading using opposite Attica Holdings and Piraeus Port positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Attica Holdings position performs unexpectedly, Piraeus Port 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 Piraeus Port will offset losses from the drop in Piraeus Port's long position.The idea behind Attica Holdings SA and Piraeus Port Authority pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
Other Complementary Tools
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges |