Correlation Between Thrace Plastics and GEK TERNA
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By analyzing existing cross correlation between Thrace Plastics Holding and GEK TERNA Holdings, you can compare the effects of market volatilities on Thrace Plastics and GEK TERNA 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 GEK TERNA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thrace Plastics and GEK TERNA.
Diversification Opportunities for Thrace Plastics and GEK TERNA
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between Thrace and GEK is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Thrace Plastics Holding and GEK TERNA Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GEK TERNA Holdings 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 GEK TERNA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GEK TERNA Holdings has no effect on the direction of Thrace Plastics i.e., Thrace Plastics and GEK TERNA go up and down completely randomly.
Pair Corralation between Thrace Plastics and GEK TERNA
Assuming the 90 days trading horizon Thrace Plastics Holding is expected to under-perform the GEK TERNA. In addition to that, Thrace Plastics is 1.03 times more volatile than GEK TERNA Holdings. It trades about -0.06 of its total potential returns per unit of risk. GEK TERNA Holdings is currently generating about 0.06 per unit of volatility. If you would invest 1,440 in GEK TERNA Holdings on August 28, 2024 and sell it today you would earn a total of 380.00 from holding GEK TERNA Holdings or generate 26.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Thrace Plastics Holding vs. GEK TERNA Holdings
Performance |
| Timeline |
| Thrace Plastics Holding |
| GEK TERNA Holdings |
Thrace Plastics and GEK TERNA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thrace Plastics and GEK TERNA
The main advantage of trading using opposite Thrace Plastics and GEK TERNA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thrace Plastics position performs unexpectedly, GEK TERNA 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 GEK TERNA will offset losses from the drop in GEK TERNA's 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 |
| GEK TERNA vs. Mytilineos SA | GEK TERNA vs. Terna Energy Societe | GEK TERNA vs. Greek Organization of | GEK TERNA vs. Motor Oil Corinth |
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.
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