Correlation Between GEK TERNA and Mytilineos
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By analyzing existing cross correlation between GEK TERNA Holdings and Mytilineos SA, you can compare the effects of market volatilities on GEK TERNA and Mytilineos 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 Mytilineos. Check out your portfolio center. Please also check ongoing floating volatility patterns of GEK TERNA and Mytilineos.
Diversification Opportunities for GEK TERNA and Mytilineos
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between GEK and Mytilineos is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding GEK TERNA Holdings and Mytilineos SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mytilineos 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 Mytilineos. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mytilineos SA has no effect on the direction of GEK TERNA i.e., GEK TERNA and Mytilineos go up and down completely randomly.
Pair Corralation between GEK TERNA and Mytilineos
Assuming the 90 days trading horizon GEK TERNA Holdings is expected to generate 0.61 times more return on investment than Mytilineos. However, GEK TERNA Holdings is 1.65 times less risky than Mytilineos. It trades about 0.15 of its potential returns per unit of risk. Mytilineos SA is currently generating about 0.05 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 | 100.0% |
| Values | Daily Returns |
GEK TERNA Holdings vs. Mytilineos SA
Performance |
| Timeline |
| GEK TERNA Holdings |
| Mytilineos SA |
GEK TERNA and Mytilineos Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GEK TERNA and Mytilineos
The main advantage of trading using opposite GEK TERNA and Mytilineos positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GEK TERNA position performs unexpectedly, Mytilineos 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 Mytilineos will offset losses from the drop in Mytilineos' 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 |
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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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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