Correlation Between Thrace Plastics and ANEK Lines
Can any of the company-specific risk be diversified away by investing in both Thrace Plastics and ANEK Lines 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 Thrace Plastics and ANEK Lines into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Thrace Plastics Holding and ANEK Lines SA, you can compare the effects of market volatilities on Thrace Plastics and ANEK Lines 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 Thrace Plastics with a short position of ANEK Lines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thrace Plastics and ANEK Lines.
Diversification Opportunities for Thrace Plastics and ANEK Lines
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Thrace and ANEK is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Thrace Plastics Holding and ANEK Lines SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ANEK Lines SA and Thrace Plastics 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 Thrace Plastics Holding are associated (or correlated) with ANEK Lines. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ANEK Lines SA has no effect on the direction of Thrace Plastics i.e., Thrace Plastics and ANEK Lines go up and down completely randomly.
Pair Corralation between Thrace Plastics and ANEK Lines
If you would invest 393.00 in Thrace Plastics Holding on August 28, 2024 and sell it today you would earn a total of 1.00 from holding Thrace Plastics Holding or generate 0.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 1.56% |
| Values | Daily Returns |
Thrace Plastics Holding vs. ANEK Lines SA
Performance |
| Timeline |
| Thrace Plastics Holding |
| ANEK Lines SA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Thrace Plastics and ANEK Lines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thrace Plastics and ANEK Lines
The main advantage of trading using opposite Thrace Plastics and ANEK Lines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thrace Plastics position performs unexpectedly, ANEK Lines 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 ANEK Lines will offset losses from the drop in ANEK Lines' long position.| Thrace Plastics vs. Elvalhalcor Hellenic Copper | Thrace Plastics vs. Performance Technologies SA | Thrace Plastics vs. Optronics Technologies SA | Thrace Plastics vs. Logismos Information Systems |
| ANEK Lines vs. Profile Systems Software | ANEK Lines vs. Logismos Information Systems | ANEK Lines vs. National Bank of | ANEK Lines vs. Thrace Plastics Holding |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
Other Complementary Tools
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like |