Correlation Between GEK TERNA and Elastron
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By analyzing existing cross correlation between GEK TERNA Holdings and Elastron SA , you can compare the effects of market volatilities on GEK TERNA and Elastron 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 Elastron. Check out your portfolio center. Please also check ongoing floating volatility patterns of GEK TERNA and Elastron.
Diversification Opportunities for GEK TERNA and Elastron
Weak diversification
The 3 months correlation between GEK and Elastron is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding GEK TERNA Holdings and Elastron SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Elastron 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 Elastron. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Elastron SA has no effect on the direction of GEK TERNA i.e., GEK TERNA and Elastron go up and down completely randomly.
Pair Corralation between GEK TERNA and Elastron
Assuming the 90 days trading horizon GEK TERNA is expected to generate 67.65 times less return on investment than Elastron. But when comparing it to its historical volatility, GEK TERNA Holdings is 2.26 times less risky than Elastron. It trades about 0.01 of its potential returns per unit of risk. Elastron SA is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest 199.00 in Elastron SA on November 30, 2024 and sell it today you would earn a total of 33.00 from holding Elastron SA or generate 16.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
GEK TERNA Holdings vs. Elastron SA
Performance |
| Timeline |
| GEK TERNA Holdings |
| Elastron SA |
GEK TERNA and Elastron Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GEK TERNA and Elastron
The main advantage of trading using opposite GEK TERNA and Elastron positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GEK TERNA position performs unexpectedly, Elastron 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 Elastron will offset losses from the drop in Elastron's 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 |
| Elastron vs. Thrace Plastics Holding | Elastron vs. GEK TERNA Holdings | Elastron vs. Motor Oil Corinth | Elastron vs. Hellenic Petroleum SA |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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