Correlation Between Mytilineos and Intracom Constructions
Can any of the company-specific risk be diversified away by investing in both Mytilineos and Intracom Constructions 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 Mytilineos and Intracom Constructions into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mytilineos SA and Intracom Constructions Societe, you can compare the effects of market volatilities on Mytilineos and Intracom Constructions 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 Mytilineos with a short position of Intracom Constructions. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mytilineos and Intracom Constructions.
Diversification Opportunities for Mytilineos and Intracom Constructions
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between Mytilineos and Intracom is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding Mytilineos SA and Intracom Constructions Societe in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Intracom Constructions and Mytilineos 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 Mytilineos SA are associated (or correlated) with Intracom Constructions. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Intracom Constructions has no effect on the direction of Mytilineos i.e., Mytilineos and Intracom Constructions go up and down completely randomly.
Pair Corralation between Mytilineos and Intracom Constructions
Assuming the 90 days trading horizon Mytilineos SA is expected to generate 1.3 times more return on investment than Intracom Constructions. However, Mytilineos is 1.3 times more volatile than Intracom Constructions Societe. It trades about 0.05 of its potential returns per unit of risk. Intracom Constructions Societe is currently generating about -0.01 per unit of risk. If you would invest 3,240 in Mytilineos SA on October 26, 2024 and sell it today you would earn a total of 132.00 from holding Mytilineos SA or generate 4.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mytilineos SA vs. Intracom Constructions Societe
Performance |
| Timeline |
| Mytilineos SA |
| Intracom Constructions |
Mytilineos and Intracom Constructions Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mytilineos and Intracom Constructions
The main advantage of trading using opposite Mytilineos and Intracom Constructions positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mytilineos position performs unexpectedly, Intracom Constructions 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 Intracom Constructions will offset losses from the drop in Intracom Constructions' long position.| Mytilineos vs. Thrace Plastics Holding | Mytilineos vs. Karelia Tobacco | Mytilineos vs. Hellenic Telecommunications Organization | Mytilineos vs. Profile Systems Software |
| Intracom Constructions vs. Mytilineos SA | Intracom Constructions vs. Intracom Holdings SA | Intracom Constructions vs. Ellaktor SA | Intracom Constructions vs. GEK TERNA Holdings |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
Other Complementary Tools
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data |