Correlation Between N Leventeris and Attica Publications
Can any of the company-specific risk be diversified away by investing in both N Leventeris and Attica Publications 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 N Leventeris and Attica Publications into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between N Leventeris SA and Attica Publications SA, you can compare the effects of market volatilities on N Leventeris and Attica Publications 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 N Leventeris with a short position of Attica Publications. Check out your portfolio center. Please also check ongoing floating volatility patterns of N Leventeris and Attica Publications.
Diversification Opportunities for N Leventeris and Attica Publications
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between LEBEP and Attica is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding N Leventeris SA and Attica Publications SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Attica Publications and N Leventeris 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 N Leventeris SA are associated (or correlated) with Attica Publications. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Attica Publications has no effect on the direction of N Leventeris i.e., N Leventeris and Attica Publications go up and down completely randomly.
Pair Corralation between N Leventeris and Attica Publications
Assuming the 90 days trading horizon N Leventeris SA is expected to under-perform the Attica Publications. In addition to that, N Leventeris is 3.14 times more volatile than Attica Publications SA. It trades about -0.17 of its total potential returns per unit of risk. Attica Publications SA is currently generating about 0.22 per unit of volatility. If you would invest 39.00 in Attica Publications SA on September 4, 2024 and sell it today you would earn a total of 4.00 from holding Attica Publications SA or generate 10.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
N Leventeris SA vs. Attica Publications SA
Performance |
| Timeline |
| N Leventeris SA |
| Attica Publications |
N Leventeris and Attica Publications Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with N Leventeris and Attica Publications
The main advantage of trading using opposite N Leventeris and Attica Publications positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if N Leventeris position performs unexpectedly, Attica Publications 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 Attica Publications will offset losses from the drop in Attica Publications' long position.| N Leventeris vs. Unibios Holdings SA | N Leventeris vs. Intracom Holdings SA | N Leventeris vs. Public Power | N Leventeris vs. Hellenic Petroleum SA |
| Attica Publications vs. As Commercial Industrial | Attica Publications vs. Optima bank SA | Attica Publications vs. Logismos Information Systems | Attica Publications vs. Profile Systems Software |
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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
Other Complementary Tools
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities |