Correlation Between Bioter SA and EL D
Can any of the company-specific risk be diversified away by investing in both Bioter SA and EL D 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 Bioter SA and EL D into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bioter SA and EL D Mouzakis, you can compare the effects of market volatilities on Bioter SA and EL D 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 Bioter SA with a short position of EL D. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bioter SA and EL D.
Diversification Opportunities for Bioter SA and EL D
Pay attention - limited upside
The 3 months correlation between Bioter and MOYZK is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding Bioter SA and EL D Mouzakis in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EL D Mouzakis and Bioter 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 Bioter SA are associated (or correlated) with EL D. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EL D Mouzakis has no effect on the direction of Bioter SA i.e., Bioter SA and EL D go up and down completely randomly.
Pair Corralation between Bioter SA and EL D
Assuming the 90 days trading horizon Bioter SA is expected to generate 2.21 times more return on investment than EL D. However, Bioter SA is 2.21 times more volatile than EL D Mouzakis. It trades about 0.02 of its potential returns per unit of risk. EL D Mouzakis is currently generating about -0.12 per unit of risk. If you would invest 25.00 in Bioter SA on November 28, 2024 and sell it today you would earn a total of 0.00 from holding Bioter SA or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Bioter SA vs. EL D Mouzakis
Performance |
| Timeline |
| Bioter SA |
| EL D Mouzakis |
Bioter SA and EL D Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bioter SA and EL D
The main advantage of trading using opposite Bioter SA and EL D positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bioter SA position performs unexpectedly, EL D 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 EL D will offset losses from the drop in EL D's long position.| Bioter SA vs. Avax SA | Bioter SA vs. Ekter SA | Bioter SA vs. Intracom Constructions Societe | Bioter SA vs. Alumil Aluminium Industry |
| EL D vs. Lampsa Hellenic Hotels | EL D vs. National Bank of | EL D vs. Marfin Investment Group | EL D vs. General Commercial Industrial |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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