Correlation Between DICKER DATA and Hellenic Petroleum
Can any of the company-specific risk be diversified away by investing in both DICKER DATA and Hellenic Petroleum 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 DICKER DATA and Hellenic Petroleum into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between DICKER DATA LTD and Hellenic Petroleum SA, you can compare the effects of market volatilities on DICKER DATA and Hellenic Petroleum 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 DICKER DATA with a short position of Hellenic Petroleum. Check out your portfolio center. Please also check ongoing floating volatility patterns of DICKER DATA and Hellenic Petroleum.
Diversification Opportunities for DICKER DATA and Hellenic Petroleum
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between DICKER and Hellenic is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding DICKER DATA LTD and Hellenic Petroleum SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hellenic Petroleum and DICKER DATA 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 DICKER DATA LTD are associated (or correlated) with Hellenic Petroleum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hellenic Petroleum has no effect on the direction of DICKER DATA i.e., DICKER DATA and Hellenic Petroleum go up and down completely randomly.
Pair Corralation between DICKER DATA and Hellenic Petroleum
If you would invest 495.00 in DICKER DATA LTD on September 2, 2024 and sell it today you would earn a total of 15.00 from holding DICKER DATA LTD or generate 3.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 4.55% |
| Values | Daily Returns |
DICKER DATA LTD vs. Hellenic Petroleum SA
Performance |
| Timeline |
| DICKER DATA LTD |
| Hellenic Petroleum |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
DICKER DATA and Hellenic Petroleum Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with DICKER DATA and Hellenic Petroleum
The main advantage of trading using opposite DICKER DATA and Hellenic Petroleum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DICKER DATA position performs unexpectedly, Hellenic Petroleum 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 Hellenic Petroleum will offset losses from the drop in Hellenic Petroleum's long position.| DICKER DATA vs. Chongqing Machinery Electric | DICKER DATA vs. Australian Agricultural | DICKER DATA vs. ALGOMA STEEL GROUP | DICKER DATA vs. Caltagirone SpA |
| Hellenic Petroleum vs. Pebblebrook Hotel Trust | Hellenic Petroleum vs. Playa Hotels Resorts | Hellenic Petroleum vs. NH HOTEL GROUP | Hellenic Petroleum vs. SBA Communications Corp |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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