Correlation Between N Leventeris and Ellaktor
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By analyzing existing cross correlation between N Leventeris SA and Ellaktor SA, you can compare the effects of market volatilities on N Leventeris and Ellaktor 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 Ellaktor. Check out your portfolio center. Please also check ongoing floating volatility patterns of N Leventeris and Ellaktor.
Diversification Opportunities for N Leventeris and Ellaktor
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between LEBEP and Ellaktor is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding N Leventeris SA and Ellaktor SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ellaktor SA 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 Ellaktor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ellaktor SA has no effect on the direction of N Leventeris i.e., N Leventeris and Ellaktor go up and down completely randomly.
Pair Corralation between N Leventeris and Ellaktor
Assuming the 90 days trading horizon N Leventeris SA is expected to generate 2.2 times more return on investment than Ellaktor. However, N Leventeris is 2.2 times more volatile than Ellaktor SA. It trades about 0.04 of its potential returns per unit of risk. Ellaktor SA is currently generating about 0.01 per unit of risk. If you would invest 25.00 in N Leventeris SA on August 30, 2024 and sell it today you would earn a total of 9.00 from holding N Leventeris SA or generate 36.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 99.8% |
| Values | Daily Returns |
N Leventeris SA vs. Ellaktor SA
Performance |
| Timeline |
| N Leventeris SA |
| Ellaktor SA |
N Leventeris and Ellaktor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with N Leventeris and Ellaktor
The main advantage of trading using opposite N Leventeris and Ellaktor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if N Leventeris position performs unexpectedly, Ellaktor 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 Ellaktor will offset losses from the drop in Ellaktor's long position.| N Leventeris vs. Intracom Holdings SA | N Leventeris vs. Public Power | N Leventeris vs. Hellenic Petroleum SA | N Leventeris vs. National Bank of |
| Ellaktor vs. Admie Holding SA | Ellaktor vs. Coca Cola HBC AG | Ellaktor vs. Quest Holdings SA | Ellaktor vs. Motor Oil Corinth |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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