Correlation Between Attica Bank and Alpha Services
Can any of the company-specific risk be diversified away by investing in both Attica Bank and Alpha Services 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 Attica Bank and Alpha Services into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Attica Bank SA and Alpha Services and, you can compare the effects of market volatilities on Attica Bank and Alpha Services 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 Attica Bank with a short position of Alpha Services. Check out your portfolio center. Please also check ongoing floating volatility patterns of Attica Bank and Alpha Services.
Diversification Opportunities for Attica Bank and Alpha Services
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Attica and Alpha is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding Attica Bank SA and Alpha Services and in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Alpha Services and Attica Bank 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 Attica Bank SA are associated (or correlated) with Alpha Services. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Alpha Services has no effect on the direction of Attica Bank i.e., Attica Bank and Alpha Services go up and down completely randomly.
Pair Corralation between Attica Bank and Alpha Services
Assuming the 90 days trading horizon Attica Bank SA is expected to under-perform the Alpha Services. In addition to that, Attica Bank is 7.99 times more volatile than Alpha Services and. It trades about -0.56 of its total potential returns per unit of risk. Alpha Services and is currently generating about 0.08 per unit of volatility. If you would invest 157.00 in Alpha Services and on September 12, 2024 and sell it today you would earn a total of 5.00 from holding Alpha Services and or generate 3.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Attica Bank SA vs. Alpha Services and
Performance |
| Timeline |
| Attica Bank SA |
| Alpha Services |
Attica Bank and Alpha Services Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Attica Bank and Alpha Services
The main advantage of trading using opposite Attica Bank and Alpha Services positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Attica Bank position performs unexpectedly, Alpha Services 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 Alpha Services will offset losses from the drop in Alpha Services' long position.| Attica Bank vs. Eurobank Ergasias Services | Attica Bank vs. Bank of Greece | Attica Bank vs. National Bank of | Attica Bank vs. Lampsa Hellenic Hotels |
| Alpha Services vs. Piraeus Financial Holdings | Alpha Services vs. Eurobank Ergasias Services | Alpha Services vs. National Bank of | Alpha Services vs. Greek Organization of |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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