Correlation Between Public Power and GEK TERNA
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By analyzing existing cross correlation between Public Power and GEK TERNA Holdings, you can compare the effects of market volatilities on Public Power 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 Public Power with a short position of GEK TERNA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Public Power and GEK TERNA.
Diversification Opportunities for Public Power and GEK TERNA
0.06 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Public and GEK is 0.06. Overlapping area represents the amount of risk that can be diversified away by holding Public Power 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 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 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 Public Power i.e., Public Power and GEK TERNA go up and down completely randomly.
Pair Corralation between Public Power and GEK TERNA
Assuming the 90 days trading horizon Public Power is expected to generate 1.71 times less return on investment than GEK TERNA. In addition to that, Public Power is 1.43 times more volatile than GEK TERNA Holdings. It trades about 0.04 of its total potential returns per unit of risk. GEK TERNA Holdings is currently generating about 0.09 per unit of volatility. If you would invest 1,650 in GEK TERNA Holdings on September 2, 2024 and sell it today you would earn a total of 212.00 from holding GEK TERNA Holdings or generate 12.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Public Power vs. GEK TERNA Holdings
Performance |
| Timeline |
| Public Power |
| GEK TERNA Holdings |
Public Power and GEK TERNA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Public Power and GEK TERNA
The main advantage of trading using opposite Public Power and GEK TERNA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Public Power 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.| Public Power vs. Mytilineos SA | Public Power vs. Greek Organization of | Public Power vs. Hellenic Telecommunications Organization | Public Power vs. Alpha Services and |
| 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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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