Correlation Between Ellaktor and Intracom Holdings
Specify exactly 2 symbols:
By analyzing existing cross correlation between Ellaktor SA and Intracom Holdings SA, you can compare the effects of market volatilities on Ellaktor and Intracom Holdings 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 Intracom Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ellaktor and Intracom Holdings.
Diversification Opportunities for Ellaktor and Intracom Holdings
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Ellaktor and Intracom is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Ellaktor SA and Intracom Holdings SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Intracom Holdings 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 Intracom Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Intracom Holdings has no effect on the direction of Ellaktor i.e., Ellaktor and Intracom Holdings go up and down completely randomly.
Pair Corralation between Ellaktor and Intracom Holdings
Assuming the 90 days trading horizon Ellaktor SA is expected to under-perform the Intracom Holdings. But the stock apears to be less risky and, when comparing its historical volatility, Ellaktor SA is 1.0 times less risky than Intracom Holdings. The stock trades about -0.06 of its potential returns per unit of risk. The Intracom Holdings SA is currently generating about -0.06 of returns per unit of risk over similar time horizon. If you would invest 280.00 in Intracom Holdings SA on August 29, 2024 and sell it today you would lose (9.00) from holding Intracom Holdings SA or give up 3.21% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ellaktor SA vs. Intracom Holdings SA
Performance |
| Timeline |
| Ellaktor SA |
| Intracom Holdings |
Ellaktor and Intracom Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ellaktor and Intracom Holdings
The main advantage of trading using opposite Ellaktor and Intracom Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ellaktor position performs unexpectedly, Intracom Holdings 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 Intracom Holdings will offset losses from the drop in Intracom Holdings' long position.| Ellaktor vs. Mytilineos SA | Ellaktor vs. Motor Oil Corinth | Ellaktor vs. Hellenic Petroleum SA | Ellaktor vs. National Bank of |
| Intracom Holdings vs. Intralot SA Integrated | Intracom Holdings vs. Mytilineos SA | Intracom Holdings vs. Public Power | Intracom Holdings vs. Hellenic Telecommunications Organization |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
Other Complementary Tools
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Global Correlations Find global opportunities by holding instruments from different markets |