Correlation Between Athens General and Bucharest BET-NG
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By analyzing existing cross correlation between Athens General Composite and Bucharest BET-NG, you can compare the effects of market volatilities on Athens General and Bucharest BET-NG 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 Athens General with a short position of Bucharest BET-NG. Check out your portfolio center. Please also check ongoing floating volatility patterns of Athens General and Bucharest BET-NG.
Diversification Opportunities for Athens General and Bucharest BET-NG
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Athens and Bucharest is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Athens General Composite and Bucharest BET-NG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bucharest BET-NG and Athens General 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 Athens General Composite are associated (or correlated) with Bucharest BET-NG. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bucharest BET-NG has no effect on the direction of Athens General i.e., Athens General and Bucharest BET-NG go up and down completely randomly.
Pair Corralation between Athens General and Bucharest BET-NG
Assuming the 90 days trading horizon Athens General Composite is expected to generate 1.27 times more return on investment than Bucharest BET-NG. However, Athens General is 1.27 times more volatile than Bucharest BET-NG. It trades about 0.11 of its potential returns per unit of risk. Bucharest BET-NG is currently generating about 0.09 per unit of risk. If you would invest 84,646 in Athens General Composite on February 1, 2024 and sell it today you would earn a total of 60,202 from holding Athens General Composite or generate 71.12% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 99.8% |
Values | Daily Returns |
Athens General Composite vs. Bucharest BET-NG
Performance |
Timeline |
Athens General and Bucharest BET-NG Volatility Contrast
Predicted Return Density |
Returns |
Athens General Composite
Pair trading matchups for Athens General
Bucharest BET-NG
Pair trading matchups for Bucharest BET-NG
Pair Trading with Athens General and Bucharest BET-NG
The main advantage of trading using opposite Athens General and Bucharest BET-NG positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Athens General position performs unexpectedly, Bucharest BET-NG 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 Bucharest BET-NG will offset losses from the drop in Bucharest BET-NG's long position.Athens General vs. Interlife General Insurance | Athens General vs. Intracom Constructions Societe | Athens General vs. Profile Systems Software | Athens General vs. Marfin Investment Group |
Bucharest BET-NG vs. Patria Bank SA | Bucharest BET-NG vs. TRANSILVANIA INVESTMENTS ALLIANCE | Bucharest BET-NG vs. Erste Group Bank | Bucharest BET-NG vs. IHUNT TECHNOLOGY IMPORT EXPORT |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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