Correlation Between Bank of Greece and Autohellas
Can any of the company-specific risk be diversified away by investing in both Bank of Greece and Autohellas 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 Bank of Greece and Autohellas into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bank of Greece and Autohellas SA, you can compare the effects of market volatilities on Bank of Greece and Autohellas 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 Bank of Greece with a short position of Autohellas. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank of Greece and Autohellas.
Diversification Opportunities for Bank of Greece and Autohellas
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Bank and Autohellas is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding Bank of Greece and Autohellas SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Autohellas SA and Bank of Greece 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 Bank of Greece are associated (or correlated) with Autohellas. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Autohellas SA has no effect on the direction of Bank of Greece i.e., Bank of Greece and Autohellas go up and down completely randomly.
Pair Corralation between Bank of Greece and Autohellas
Assuming the 90 days trading horizon Bank of Greece is expected to generate 0.59 times more return on investment than Autohellas. However, Bank of Greece is 1.71 times less risky than Autohellas. It trades about 0.09 of its potential returns per unit of risk. Autohellas SA is currently generating about -0.04 per unit of risk. If you would invest 1,400 in Bank of Greece on April 23, 2025 and sell it today you would earn a total of 70.00 from holding Bank of Greece or generate 5.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Bank of Greece vs. Autohellas SA
Performance |
Timeline |
Bank of Greece |
Autohellas SA |
Bank of Greece and Autohellas Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Bank of Greece and Autohellas
The main advantage of trading using opposite Bank of Greece and Autohellas positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank of Greece position performs unexpectedly, Autohellas 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 Autohellas will offset losses from the drop in Autohellas' long position.Bank of Greece vs. Foodlink AE | Bank of Greece vs. Attica Bank SA | Bank of Greece vs. Elvalhalcor Hellenic Copper | Bank of Greece vs. Thrace Plastics Holding |
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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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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