Correlation Between Eurobank Ergasias and Autohellas
Can any of the company-specific risk be diversified away by investing in both Eurobank Ergasias 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 Eurobank Ergasias and Autohellas into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Eurobank Ergasias Services and Autohellas SA, you can compare the effects of market volatilities on Eurobank Ergasias 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 Eurobank Ergasias with a short position of Autohellas. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eurobank Ergasias and Autohellas.
Diversification Opportunities for Eurobank Ergasias and Autohellas
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Eurobank and Autohellas is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Eurobank Ergasias Services and Autohellas SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Autohellas SA and Eurobank Ergasias 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 Eurobank Ergasias Services 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 Eurobank Ergasias i.e., Eurobank Ergasias and Autohellas go up and down completely randomly.
Pair Corralation between Eurobank Ergasias and Autohellas
If you would invest 130.00 in Eurobank Ergasias Services on November 5, 2024 and sell it today you would earn a total of 112.00 from holding Eurobank Ergasias Services or generate 86.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Eurobank Ergasias Services vs. Autohellas SA
Performance |
| Timeline |
| Eurobank Ergasias |
| Autohellas SA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Eurobank Ergasias and Autohellas Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eurobank Ergasias and Autohellas
The main advantage of trading using opposite Eurobank Ergasias and Autohellas positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eurobank Ergasias 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.| Eurobank Ergasias vs. Alpha Services and | Eurobank Ergasias vs. Piraeus Financial Holdings | Eurobank Ergasias vs. National Bank of | Eurobank Ergasias vs. Greek Organization of |
| Autohellas vs. Interlife General Insurance | Autohellas vs. Karelia Tobacco | Autohellas vs. Foodlink AE | Autohellas vs. As 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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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