Correlation Between GEK TERNA and Dow Jones
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By analyzing existing cross correlation between GEK TERNA Holdings and Dow Jones Industrial, you can compare the effects of market volatilities on GEK TERNA and Dow Jones 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 GEK TERNA with a short position of Dow Jones. Check out your portfolio center. Please also check ongoing floating volatility patterns of GEK TERNA and Dow Jones.
Diversification Opportunities for GEK TERNA and Dow Jones
Weak diversification
The 3 months correlation between GEK and Dow is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding GEK TERNA Holdings and Dow Jones Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dow Jones Industrial and GEK TERNA 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 GEK TERNA Holdings are associated (or correlated) with Dow Jones. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dow Jones Industrial has no effect on the direction of GEK TERNA i.e., GEK TERNA and Dow Jones go up and down completely randomly.
Pair Corralation between GEK TERNA and Dow Jones
Assuming the 90 days trading horizon GEK TERNA Holdings is expected to generate 1.13 times more return on investment than Dow Jones. However, GEK TERNA is 1.13 times more volatile than Dow Jones Industrial. It trades about 0.15 of its potential returns per unit of risk. Dow Jones Industrial is currently generating about 0.15 per unit of risk. If you would invest 1,606 in GEK TERNA Holdings on November 3, 2024 and sell it today you would earn a total of 262.00 from holding GEK TERNA Holdings or generate 16.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 98.4% |
| Values | Daily Returns |
GEK TERNA Holdings vs. Dow Jones Industrial
Performance |
| Timeline |
GEK TERNA and Dow Jones Volatility Contrast
Predicted Return Density |
| Returns |
GEK TERNA Holdings
Pair trading matchups for GEK TERNA
Dow Jones Industrial
Pair trading matchups for Dow Jones
Pair Trading with GEK TERNA and Dow Jones
The main advantage of trading using opposite GEK TERNA and Dow Jones positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GEK TERNA position performs unexpectedly, Dow Jones 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 Dow Jones will offset losses from the drop in Dow Jones' long position.| GEK TERNA vs. Mytilineos SA | GEK TERNA vs. Terna Energy Societe | GEK TERNA vs. Greek Organization of | GEK TERNA vs. Motor Oil Corinth |
| Dow Jones vs. Cincinnati Financial | Dow Jones vs. Kellanova | Dow Jones vs. Acme United | Dow Jones vs. Procter Gamble |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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