Correlation Between Kekrops SA and Alpha Astika
Can any of the company-specific risk be diversified away by investing in both Kekrops SA and Alpha Astika at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Kekrops SA and Alpha Astika into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kekrops SA and Alpha Astika Akinita, you can compare the effects of market volatilities on Kekrops SA and Alpha Astika 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 Kekrops SA with a short position of Alpha Astika. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kekrops SA and Alpha Astika.
Diversification Opportunities for Kekrops SA and Alpha Astika
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between Kekrops and Alpha is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Kekrops SA and Alpha Astika Akinita in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Alpha Astika Akinita and Kekrops SA 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 Kekrops SA are associated (or correlated) with Alpha Astika. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Alpha Astika Akinita has no effect on the direction of Kekrops SA i.e., Kekrops SA and Alpha Astika go up and down completely randomly.
Pair Corralation between Kekrops SA and Alpha Astika
Assuming the 90 days trading horizon Kekrops SA is expected to generate 1.48 times more return on investment than Alpha Astika. However, Kekrops SA is 1.48 times more volatile than Alpha Astika Akinita. It trades about 0.01 of its potential returns per unit of risk. Alpha Astika Akinita is currently generating about 0.0 per unit of risk. If you would invest 124.00 in Kekrops SA on August 31, 2024 and sell it today you would lose (4.00) from holding Kekrops SA or give up 3.23% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kekrops SA vs. Alpha Astika Akinita
Performance |
| Timeline |
| Kekrops SA |
| Alpha Astika Akinita |
Kekrops SA and Alpha Astika Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kekrops SA and Alpha Astika
The main advantage of trading using opposite Kekrops SA and Alpha Astika positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kekrops SA position performs unexpectedly, Alpha Astika 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 Alpha Astika will offset losses from the drop in Alpha Astika's long position.| Kekrops SA vs. Alpha Astika Akinita | Kekrops SA vs. National Bank of | Kekrops SA vs. EL D Mouzakis | Kekrops SA vs. Lampsa Hellenic Hotels |
| Alpha Astika vs. Thessaloniki Water Supply | Alpha Astika vs. Jumbo SA | Alpha Astika vs. LAMDA Development SA | Alpha Astika vs. Piraeus Port Authority |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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