Correlation Between MICRONIC MYDATA and Hellenic Petroleum
Can any of the company-specific risk be diversified away by investing in both MICRONIC MYDATA and Hellenic Petroleum 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 MICRONIC MYDATA and Hellenic Petroleum into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between MICRONIC MYDATA and Hellenic Petroleum SA, you can compare the effects of market volatilities on MICRONIC MYDATA and Hellenic Petroleum 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 MICRONIC MYDATA with a short position of Hellenic Petroleum. Check out your portfolio center. Please also check ongoing floating volatility patterns of MICRONIC MYDATA and Hellenic Petroleum.
Diversification Opportunities for MICRONIC MYDATA and Hellenic Petroleum
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between MICRONIC and Hellenic is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding MICRONIC MYDATA and Hellenic Petroleum SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hellenic Petroleum and MICRONIC MYDATA 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 MICRONIC MYDATA are associated (or correlated) with Hellenic Petroleum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hellenic Petroleum has no effect on the direction of MICRONIC MYDATA i.e., MICRONIC MYDATA and Hellenic Petroleum go up and down completely randomly.
Pair Corralation between MICRONIC MYDATA and Hellenic Petroleum
Assuming the 90 days trading horizon MICRONIC MYDATA is expected to under-perform the Hellenic Petroleum. In addition to that, MICRONIC MYDATA is 1.35 times more volatile than Hellenic Petroleum SA. It trades about -0.28 of its total potential returns per unit of risk. Hellenic Petroleum SA is currently generating about -0.08 per unit of volatility. If you would invest 683.00 in Hellenic Petroleum SA on August 30, 2024 and sell it today you would lose (18.00) from holding Hellenic Petroleum SA or give up 2.64% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
MICRONIC MYDATA vs. Hellenic Petroleum SA
Performance |
| Timeline |
| MICRONIC MYDATA |
| Hellenic Petroleum |
MICRONIC MYDATA and Hellenic Petroleum Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MICRONIC MYDATA and Hellenic Petroleum
The main advantage of trading using opposite MICRONIC MYDATA and Hellenic Petroleum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MICRONIC MYDATA position performs unexpectedly, Hellenic Petroleum 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 Hellenic Petroleum will offset losses from the drop in Hellenic Petroleum's long position.| MICRONIC MYDATA vs. SIEM OFFSHORE NEW | MICRONIC MYDATA vs. AM EAGLE OUTFITTERS | MICRONIC MYDATA vs. CSSC Offshore Marine | MICRONIC MYDATA vs. Webster Financial |
| Hellenic Petroleum vs. MICRONIC MYDATA | Hellenic Petroleum vs. Darden Restaurants | Hellenic Petroleum vs. DATAGROUP SE | Hellenic Petroleum vs. DICKER DATA LTD |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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