Correlation Between Thessaloniki Port and Intralot
Can any of the company-specific risk be diversified away by investing in both Thessaloniki Port and Intralot 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 Thessaloniki Port and Intralot into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Thessaloniki Port Authority and Intralot SA Integrated, you can compare the effects of market volatilities on Thessaloniki Port and Intralot 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 Intralot. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thessaloniki Port and Intralot.
Diversification Opportunities for Thessaloniki Port and Intralot
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Thessaloniki and Intralot is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Thessaloniki Port Authority and Intralot SA Integrated in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Intralot SA Integrated 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 Intralot. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Intralot SA Integrated has no effect on the direction of Thessaloniki Port i.e., Thessaloniki Port and Intralot go up and down completely randomly.
Pair Corralation between Thessaloniki Port and Intralot
Assuming the 90 days trading horizon Thessaloniki Port Authority is expected to under-perform the Intralot. But the stock apears to be less risky and, when comparing its historical volatility, Thessaloniki Port Authority is 1.9 times less risky than Intralot. The stock trades about 0.0 of its potential returns per unit of risk. The Intralot SA Integrated is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 51.00 in Intralot SA Integrated on August 28, 2024 and sell it today you would earn a total of 42.00 from holding Intralot SA Integrated or generate 82.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Thessaloniki Port Authority vs. Intralot SA Integrated
Performance |
| Timeline |
| Thessaloniki Port |
| Intralot SA Integrated |
Thessaloniki Port and Intralot Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thessaloniki Port and Intralot
The main advantage of trading using opposite Thessaloniki Port and Intralot positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thessaloniki Port position performs unexpectedly, Intralot 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 Intralot will offset losses from the drop in Intralot'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 |
| Intralot vs. Mytilineos SA | Intralot vs. Hellenic Telecommunications Organization | Intralot vs. Motor Oil Corinth | Intralot vs. Alpha Services and |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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