Correlation Between GEK TERNA and Autohellas
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By analyzing existing cross correlation between GEK TERNA Holdings and Autohellas SA, you can compare the effects of market volatilities on GEK TERNA 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 GEK TERNA with a short position of Autohellas. Check out your portfolio center. Please also check ongoing floating volatility patterns of GEK TERNA and Autohellas.
Diversification Opportunities for GEK TERNA and Autohellas
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between GEK and Autohellas is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding GEK TERNA Holdings and Autohellas SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Autohellas 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 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 GEK TERNA i.e., GEK TERNA and Autohellas go up and down completely randomly.
Pair Corralation between GEK TERNA and Autohellas
Assuming the 90 days trading horizon GEK TERNA Holdings is expected to generate 0.38 times more return on investment than Autohellas. However, GEK TERNA Holdings is 2.6 times less risky than Autohellas. It trades about 0.09 of its potential returns per unit of risk. Autohellas SA is currently generating about 0.03 per unit of risk. If you would invest 1,852 in GEK TERNA Holdings on November 5, 2024 and sell it today you would earn a total of 16.00 from holding GEK TERNA Holdings or generate 0.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
GEK TERNA Holdings vs. Autohellas SA
Performance |
| Timeline |
| GEK TERNA Holdings |
| Autohellas SA |
GEK TERNA and Autohellas Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GEK TERNA and Autohellas
The main advantage of trading using opposite GEK TERNA and Autohellas positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GEK TERNA 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.| GEK TERNA vs. Mytilineos SA | GEK TERNA vs. Terna Energy Societe | GEK TERNA vs. Greek Organization of | GEK TERNA vs. Motor Oil Corinth |
| 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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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