Correlation Between GEK TERNA and Ellaktor
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By analyzing existing cross correlation between GEK TERNA Holdings and Ellaktor SA, you can compare the effects of market volatilities on GEK TERNA and Ellaktor 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 Ellaktor. Check out your portfolio center. Please also check ongoing floating volatility patterns of GEK TERNA and Ellaktor.
Diversification Opportunities for GEK TERNA and Ellaktor
Significant diversification
The 3 months correlation between GEK and Ellaktor is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding GEK TERNA Holdings and Ellaktor SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ellaktor SA 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 Ellaktor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ellaktor SA has no effect on the direction of GEK TERNA i.e., GEK TERNA and Ellaktor go up and down completely randomly.
Pair Corralation between GEK TERNA and Ellaktor
Assuming the 90 days trading horizon GEK TERNA Holdings is expected to generate 0.71 times more return on investment than Ellaktor. However, GEK TERNA Holdings is 1.4 times less risky than Ellaktor. It trades about -0.1 of its potential returns per unit of risk. Ellaktor SA is currently generating about -0.14 per unit of risk. If you would invest 1,986 in GEK TERNA Holdings on January 27, 2025 and sell it today you would lose (129.00) from holding GEK TERNA Holdings or give up 6.5% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
GEK TERNA Holdings vs. Ellaktor SA
Performance |
| Timeline |
| GEK TERNA Holdings |
| Ellaktor SA |
GEK TERNA and Ellaktor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GEK TERNA and Ellaktor
The main advantage of trading using opposite GEK TERNA and Ellaktor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GEK TERNA position performs unexpectedly, Ellaktor 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 Ellaktor will offset losses from the drop in Ellaktor's long position.The idea behind GEK TERNA Holdings and Ellaktor SA pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| Ellaktor vs. Mytilineos SA | Ellaktor vs. GEK TERNA Holdings | Ellaktor vs. Public Power | Ellaktor vs. Motor Oil Corinth |
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 CEOs Directory module to screen CEOs from public companies around the world.
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