Correlation Between Thessaloniki Port and Doppler SA
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By analyzing existing cross correlation between Thessaloniki Port Authority and Doppler SA, you can compare the effects of market volatilities on Thessaloniki Port and Doppler SA 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 Thessaloniki Port with a short position of Doppler SA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thessaloniki Port and Doppler SA.
Diversification Opportunities for Thessaloniki Port and Doppler SA
-0.49 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Thessaloniki and Doppler is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding Thessaloniki Port Authority and Doppler SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Doppler SA and Thessaloniki Port 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 Thessaloniki Port Authority are associated (or correlated) with Doppler SA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Doppler SA has no effect on the direction of Thessaloniki Port i.e., Thessaloniki Port and Doppler SA go up and down completely randomly.
Pair Corralation between Thessaloniki Port and Doppler SA
Assuming the 90 days trading horizon Thessaloniki Port Authority is expected to generate 0.36 times more return on investment than Doppler SA. However, Thessaloniki Port Authority is 2.79 times less risky than Doppler SA. It trades about 0.03 of its potential returns per unit of risk. Doppler SA is currently generating about -0.07 per unit of risk. If you would invest 2,100 in Thessaloniki Port Authority on August 28, 2024 and sell it today you would earn a total of 30.00 from holding Thessaloniki Port Authority or generate 1.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Thessaloniki Port Authority vs. Doppler SA
Performance |
| Timeline |
| Thessaloniki Port |
| Doppler SA |
Thessaloniki Port and Doppler SA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thessaloniki Port and Doppler SA
The main advantage of trading using opposite Thessaloniki Port and Doppler SA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thessaloniki Port position performs unexpectedly, Doppler SA 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 Doppler SA will offset losses from the drop in Doppler SA's long position.| Thessaloniki Port vs. National Bank of | Thessaloniki Port vs. EL D Mouzakis | Thessaloniki Port vs. Lampsa Hellenic Hotels | Thessaloniki Port vs. Eurobank Ergasias Services |
| Doppler SA vs. Flexopack Socit Anonyme | Doppler SA vs. Papoutsanis SA | Doppler SA vs. Avax SA | Doppler SA vs. Thessaloniki 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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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