Correlation Between Athens General and ICEX Main
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By analyzing existing cross correlation between Athens General Composite and ICEX Main, you can compare the effects of market volatilities on Athens General and ICEX Main 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 ICEX Main. Check out your portfolio center. Please also check ongoing floating volatility patterns of Athens General and ICEX Main.
Diversification Opportunities for Athens General and ICEX Main
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Athens and ICEX is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Athens General Composite and ICEX Main in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ICEX Main 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 ICEX Main. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ICEX Main has no effect on the direction of Athens General i.e., Athens General and ICEX Main go up and down completely randomly.
Pair Corralation between Athens General and ICEX Main
Assuming the 90 days trading horizon Athens General is expected to generate 1.44 times less return on investment than ICEX Main. In addition to that, Athens General is 1.59 times more volatile than ICEX Main. It trades about 0.17 of its total potential returns per unit of risk. ICEX Main is currently generating about 0.39 per unit of volatility. If you would invest 202,485 in ICEX Main on February 2, 2024 and sell it today you would earn a total of 11,212 from holding ICEX Main or generate 5.54% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 95.45% |
Values | Daily Returns |
Athens General Composite vs. ICEX Main
Performance |
Timeline |
Athens General and ICEX Main Volatility Contrast
Predicted Return Density |
Returns |
Athens General Composite
Pair trading matchups for Athens General
ICEX Main
Pair trading matchups for ICEX Main
Pair Trading with Athens General and ICEX Main
The main advantage of trading using opposite Athens General and ICEX Main positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Athens General position performs unexpectedly, ICEX Main 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 ICEX Main will offset losses from the drop in ICEX Main'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 |
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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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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