Correlation Between Gr Sarantis and Thessaloniki Port
Can any of the company-specific risk be diversified away by investing in both Gr Sarantis and Thessaloniki Port 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 Gr Sarantis and Thessaloniki Port into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Gr Sarantis SA and Thessaloniki Port Authority, you can compare the effects of market volatilities on Gr Sarantis and Thessaloniki Port 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 Gr Sarantis with a short position of Thessaloniki Port. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gr Sarantis and Thessaloniki Port.
Diversification Opportunities for Gr Sarantis and Thessaloniki Port
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between SAR and Thessaloniki is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Gr Sarantis SA and Thessaloniki Port Authority in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thessaloniki Port and Gr Sarantis 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 Gr Sarantis SA are associated (or correlated) with Thessaloniki Port. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thessaloniki Port has no effect on the direction of Gr Sarantis i.e., Gr Sarantis and Thessaloniki Port go up and down completely randomly.
Pair Corralation between Gr Sarantis and Thessaloniki Port
Assuming the 90 days trading horizon Gr Sarantis is expected to generate 4.77 times less return on investment than Thessaloniki Port. But when comparing it to its historical volatility, Gr Sarantis SA is 3.16 times less risky than Thessaloniki Port. It trades about 0.2 of its potential returns per unit of risk. Thessaloniki Port Authority is currently generating about 0.29 of returns per unit of risk over similar time horizon. If you would invest 2,220 in Thessaloniki Port Authority on November 5, 2024 and sell it today you would earn a total of 510.00 from holding Thessaloniki Port Authority or generate 22.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gr Sarantis SA vs. Thessaloniki Port Authority
Performance |
| Timeline |
| Gr Sarantis SA |
| Thessaloniki Port |
Gr Sarantis and Thessaloniki Port Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gr Sarantis and Thessaloniki Port
The main advantage of trading using opposite Gr Sarantis and Thessaloniki Port positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gr Sarantis position performs unexpectedly, Thessaloniki Port 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 Thessaloniki Port will offset losses from the drop in Thessaloniki Port's long position.| Gr Sarantis vs. Jumbo SA | Gr Sarantis vs. Mytilineos SA | Gr Sarantis vs. Aegean Airlines SA | Gr Sarantis vs. Greek Organization of |
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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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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