Correlation Between Hellenic Petroleum and Intertech

Can any of the company-specific risk be diversified away by investing in both Hellenic Petroleum and Intertech 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 Hellenic Petroleum and Intertech into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Hellenic Petroleum SA and Intertech SA Inter, you can compare the effects of market volatilities on Hellenic Petroleum and Intertech 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 Hellenic Petroleum with a short position of Intertech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hellenic Petroleum and Intertech.

Diversification Opportunities for Hellenic Petroleum and Intertech

0.36

Correlation Coefficient

Hellenic Petroleum  Intertech

Weak diversification

The 3 months correlation between Hellenic and Intertech is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Hellenic Petroleum SA and Intertech SA Inter in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Intertech SA Inter and Hellenic Petroleum 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 Hellenic Petroleum SA are associated (or correlated) with Intertech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Intertech SA Inter has no effect on the direction of Hellenic Petroleum i.e., Hellenic Petroleum and Intertech go up and down completely randomly.

Pair Corralation between Hellenic Petroleum and Intertech

Assuming the 90 days trading horizon Hellenic Petroleum is expected to generate 3.45 times less return on investment than Intertech. But when comparing it to its historical volatility, Hellenic Petroleum SA is 1.32 times less risky than Intertech. It trades about 0.1 of its potential returns per unit of risk. Intertech SA Inter is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest  115.00  in Intertech SA Inter on April 24, 2025 and sell it today you would earn a total of  35.00  from holding Intertech SA Inter or generate 30.43% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Very Weak
Accuracy	100.0%
Values	Daily Returns

Hellenic Petroleum SA  vs.  Intertech SA Inter

Hellenic Petroleum

Risk-Adjusted Performance

Modest

Compared to the overall equity markets, risk-adjusted returns on investments in Hellenic Petroleum SA are ranked lower than 7 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively uncertain basic indicators, Hellenic Petroleum may actually be approaching a critical reversion point that can send shares even higher in August 2025.

Intertech SA Inter

Risk-Adjusted Performance

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in Intertech SA Inter are ranked lower than 19 (%) of all global equities and portfolios over the last 90 days. Despite somewhat weak basic indicators, Intertech sustained solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Hellenic Petroleum and Intertech

The main advantage of trading using opposite Hellenic Petroleum and Intertech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hellenic Petroleum position performs unexpectedly, Intertech 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 Intertech will offset losses from the drop in Intertech's long position.

The idea behind Hellenic Petroleum SA and Intertech SA Inter pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.