Correlation Between Ellaktor and Avax SA
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By analyzing existing cross correlation between Ellaktor SA and Avax SA, you can compare the effects of market volatilities on Ellaktor and Avax SA 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 Ellaktor with a short position of Avax SA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ellaktor and Avax SA.
Diversification Opportunities for Ellaktor and Avax SA
Good diversification
The 3 months correlation between Ellaktor and Avax is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Ellaktor SA and Avax SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Avax SA and Ellaktor 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 Ellaktor SA are associated (or correlated) with Avax SA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Avax SA has no effect on the direction of Ellaktor i.e., Ellaktor and Avax SA go up and down completely randomly.
Pair Corralation between Ellaktor and Avax SA
Assuming the 90 days trading horizon Ellaktor SA is expected to under-perform the Avax SA. In addition to that, Ellaktor is 1.17 times more volatile than Avax SA. It trades about -0.19 of its total potential returns per unit of risk. Avax SA is currently generating about -0.03 per unit of volatility. If you would invest 142.00 in Avax SA on August 25, 2024 and sell it today you would lose (2.00) from holding Avax SA or give up 1.41% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Ellaktor SA vs. Avax SA
Performance |
| Timeline |
| Ellaktor SA |
| Avax SA |
Ellaktor and Avax SA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ellaktor and Avax SA
The main advantage of trading using opposite Ellaktor and Avax SA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ellaktor position performs unexpectedly, Avax SA 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 Avax SA will offset losses from the drop in Avax SA's long position.| Ellaktor vs. Mytilineos SA | Ellaktor vs. GEK TERNA Holdings | Ellaktor vs. Public Power | Ellaktor vs. Motor Oil Corinth |
| Avax SA vs. Ellaktor SA | Avax SA vs. GEK TERNA Holdings | Avax SA vs. LAMDA Development SA | Avax SA vs. Public Power |
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 Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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