Correlation Between Autohellas and Terna Energy
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By analyzing existing cross correlation between Autohellas SA and Terna Energy Societe, you can compare the effects of market volatilities on Autohellas and Terna Energy 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 Autohellas with a short position of Terna Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Autohellas and Terna Energy.
Diversification Opportunities for Autohellas and Terna Energy
-0.57 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Autohellas and Terna is -0.57. Overlapping area represents the amount of risk that can be diversified away by holding Autohellas SA and Terna Energy Societe in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Terna Energy Societe and Autohellas 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 Autohellas SA are associated (or correlated) with Terna Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Terna Energy Societe has no effect on the direction of Autohellas i.e., Autohellas and Terna Energy go up and down completely randomly.
Pair Corralation between Autohellas and Terna Energy
Assuming the 90 days trading horizon Autohellas SA is expected to under-perform the Terna Energy. In addition to that, Autohellas is 1.08 times more volatile than Terna Energy Societe. It trades about -0.04 of its total potential returns per unit of risk. Terna Energy Societe is currently generating about 0.0 per unit of volatility. If you would invest 2,032 in Terna Energy Societe on August 31, 2024 and sell it today you would lose (46.00) from holding Terna Energy Societe or give up 2.26% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.73% |
| Values | Daily Returns |
Autohellas SA vs. Terna Energy Societe
Performance |
| Timeline |
| Autohellas SA |
| Terna Energy Societe |
Autohellas and Terna Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Autohellas and Terna Energy
The main advantage of trading using opposite Autohellas and Terna Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Autohellas position performs unexpectedly, Terna Energy 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 Terna Energy will offset losses from the drop in Terna Energy's long position.| Autohellas vs. National Bank of | Autohellas vs. EL D Mouzakis | Autohellas vs. Lampsa Hellenic Hotels | Autohellas vs. Austriacard Holdings AG |
| Terna Energy vs. CPI Computer Peripherals | Terna Energy vs. Profile Systems Software | Terna Energy vs. National Bank of | Terna Energy vs. Hellenic Telecommunications Organization |
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 Channel module to use Commodity Channel Index to analyze current equity momentum.
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