Correlation Between Public Power and Ellaktor
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By analyzing existing cross correlation between Public Power and Ellaktor SA, you can compare the effects of market volatilities on Public Power and Ellaktor 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 Public Power with a short position of Ellaktor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Public Power and Ellaktor.
Diversification Opportunities for Public Power and Ellaktor
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Public and Ellaktor is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding Public Power and Ellaktor SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ellaktor SA and Public Power 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 Public Power are associated (or correlated) with Ellaktor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ellaktor SA has no effect on the direction of Public Power i.e., Public Power and Ellaktor go up and down completely randomly.
Pair Corralation between Public Power and Ellaktor
Assuming the 90 days trading horizon Public Power is expected to generate 0.82 times more return on investment than Ellaktor. However, Public Power is 1.22 times less risky than Ellaktor. It trades about -0.05 of its potential returns per unit of risk. Ellaktor SA is currently generating about -0.19 per unit of risk. If you would invest 1,188 in Public Power on August 25, 2024 and sell it today you would lose (23.00) from holding Public Power or give up 1.94% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Public Power vs. Ellaktor SA
Performance |
| Timeline |
| Public Power |
| Ellaktor SA |
Public Power and Ellaktor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Public Power and Ellaktor
The main advantage of trading using opposite Public Power and Ellaktor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Public Power position performs unexpectedly, Ellaktor 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 Ellaktor will offset losses from the drop in Ellaktor's long position.| Public Power vs. Terna Energy Societe | Public Power vs. National Bank of | Public Power vs. EL D Mouzakis | Public Power vs. Lampsa Hellenic Hotels |
| Ellaktor vs. Mytilineos SA | Ellaktor vs. GEK TERNA Holdings | Ellaktor vs. Public Power | Ellaktor 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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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