Correlation Between Jumbo SA and Alpha Astika
Can any of the company-specific risk be diversified away by investing in both Jumbo SA and Alpha Astika 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 Jumbo SA and Alpha Astika into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Jumbo SA and Alpha Astika Akinita, you can compare the effects of market volatilities on Jumbo SA and Alpha Astika 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 Jumbo SA with a short position of Alpha Astika. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jumbo SA and Alpha Astika.
Diversification Opportunities for Jumbo SA and Alpha Astika
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jumbo and Alpha is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Jumbo SA and Alpha Astika Akinita in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Alpha Astika Akinita and Jumbo SA 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 Jumbo SA are associated (or correlated) with Alpha Astika. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Alpha Astika Akinita has no effect on the direction of Jumbo SA i.e., Jumbo SA and Alpha Astika go up and down completely randomly.
Pair Corralation between Jumbo SA and Alpha Astika
Assuming the 90 days trading horizon Jumbo SA is expected to generate 0.8 times more return on investment than Alpha Astika. However, Jumbo SA is 1.25 times less risky than Alpha Astika. It trades about 0.07 of its potential returns per unit of risk. Alpha Astika Akinita is currently generating about -0.06 per unit of risk. If you would invest 2,430 in Jumbo SA on September 2, 2024 and sell it today you would earn a total of 38.00 from holding Jumbo SA or generate 1.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jumbo SA vs. Alpha Astika Akinita
Performance |
| Timeline |
| Jumbo SA |
| Alpha Astika Akinita |
Jumbo SA and Alpha Astika Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jumbo SA and Alpha Astika
The main advantage of trading using opposite Jumbo SA and Alpha Astika positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jumbo SA position performs unexpectedly, Alpha Astika 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 Alpha Astika will offset losses from the drop in Alpha Astika's long position.| Jumbo SA vs. Autohellas SA | Jumbo SA vs. BriQ Properties Real | Jumbo SA vs. Thrace Plastics Holding | Jumbo SA vs. Kri Kri Milk Industry |
| Alpha Astika vs. National Bank of | Alpha Astika vs. EL D Mouzakis | Alpha Astika vs. Lampsa Hellenic Hotels | Alpha Astika vs. Austriacard Holdings AG |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
Other Complementary Tools
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets |