Correlation Between BriQ Properties and Autohellas
Can any of the company-specific risk be diversified away by investing in both BriQ Properties and Autohellas 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 BriQ Properties and Autohellas into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between BriQ Properties Real and Autohellas SA, you can compare the effects of market volatilities on BriQ Properties and Autohellas 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 BriQ Properties with a short position of Autohellas. Check out your portfolio center. Please also check ongoing floating volatility patterns of BriQ Properties and Autohellas.
Diversification Opportunities for BriQ Properties and Autohellas
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between BriQ and Autohellas is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding BriQ Properties Real and Autohellas SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Autohellas SA and BriQ Properties 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 BriQ Properties Real are associated (or correlated) with Autohellas. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Autohellas SA has no effect on the direction of BriQ Properties i.e., BriQ Properties and Autohellas go up and down completely randomly.
Pair Corralation between BriQ Properties and Autohellas
Assuming the 90 days trading horizon BriQ Properties Real is expected to generate 0.66 times more return on investment than Autohellas. However, BriQ Properties Real is 1.51 times less risky than Autohellas. It trades about 0.12 of its potential returns per unit of risk. Autohellas SA is currently generating about -0.21 per unit of risk. If you would invest 204.00 in BriQ Properties Real on August 24, 2024 and sell it today you would earn a total of 5.00 from holding BriQ Properties Real or generate 2.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BriQ Properties Real vs. Autohellas SA
Performance |
| Timeline |
| BriQ Properties Real |
| Autohellas SA |
BriQ Properties and Autohellas Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BriQ Properties and Autohellas
The main advantage of trading using opposite BriQ Properties and Autohellas positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BriQ Properties position performs unexpectedly, Autohellas 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 Autohellas will offset losses from the drop in Autohellas' long position.| BriQ Properties vs. Hellenic Telecommunications Organization | BriQ Properties vs. Greek Organization of | BriQ Properties vs. Eurobank Ergasias Services | BriQ Properties vs. National Bank of |
| Autohellas vs. Intertech SA Inter | Autohellas vs. Interlife General Insurance | Autohellas vs. Logismos Information Systems | Autohellas vs. Bank of Greece |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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