Correlation Between Alpha Astika and N Leventeris
Can any of the company-specific risk be diversified away by investing in both Alpha Astika and N Leventeris 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 Alpha Astika and N Leventeris into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Alpha Astika Akinita and N Leventeris SA, you can compare the effects of market volatilities on Alpha Astika and N Leventeris 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 Alpha Astika with a short position of N Leventeris. Check out your portfolio center. Please also check ongoing floating volatility patterns of Alpha Astika and N Leventeris.
Diversification Opportunities for Alpha Astika and N Leventeris
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Alpha and LEBEP is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Alpha Astika Akinita and N Leventeris SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on N Leventeris SA and Alpha Astika 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 Alpha Astika Akinita are associated (or correlated) with N Leventeris. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of N Leventeris SA has no effect on the direction of Alpha Astika i.e., Alpha Astika and N Leventeris go up and down completely randomly.
Pair Corralation between Alpha Astika and N Leventeris
Assuming the 90 days trading horizon Alpha Astika Akinita is expected to generate 0.7 times more return on investment than N Leventeris. However, Alpha Astika Akinita is 1.42 times less risky than N Leventeris. It trades about 0.06 of its potential returns per unit of risk. N Leventeris SA is currently generating about 0.04 per unit of risk. If you would invest 666.00 in Alpha Astika Akinita on April 23, 2025 and sell it today you would earn a total of 56.00 from holding Alpha Astika Akinita or generate 8.41% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Alpha Astika Akinita vs. N Leventeris SA
Performance |
Timeline |
Alpha Astika Akinita |
N Leventeris SA |
Alpha Astika and N Leventeris Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Alpha Astika and N Leventeris
The main advantage of trading using opposite Alpha Astika and N Leventeris positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Alpha Astika position performs unexpectedly, N Leventeris 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 N Leventeris will offset losses from the drop in N Leventeris' long position.Alpha Astika vs. Thessaloniki Water Supply | Alpha Astika vs. Jumbo SA | Alpha Astika vs. LAMDA Development SA | Alpha Astika vs. Piraeus Port Authority |
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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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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