Correlation Between HNX 30 and Athens General
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By analyzing existing cross correlation between HNX 30 and Athens General Composite, you can compare the effects of market volatilities on HNX 30 and Athens General 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 HNX 30 with a short position of Athens General. Check out your portfolio center. Please also check ongoing floating volatility patterns of HNX 30 and Athens General.
Diversification Opportunities for HNX 30 and Athens General
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between HNX and Athens is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding HNX 30 and Athens General Composite in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Athens General Composite and HNX 30 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 HNX 30 are associated (or correlated) with Athens General. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Athens General Composite has no effect on the direction of HNX 30 i.e., HNX 30 and Athens General go up and down completely randomly.
Pair Corralation between HNX 30 and Athens General
Assuming the 90 days trading horizon HNX 30 is expected to under-perform the Athens General. In addition to that, HNX 30 is 1.9 times more volatile than Athens General Composite. It trades about -0.04 of its total potential returns per unit of risk. Athens General Composite is currently generating about 0.04 per unit of volatility. If you would invest 143,094 in Athens General Composite on February 4, 2024 and sell it today you would earn a total of 2,130 from holding Athens General Composite or generate 1.49% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 95.12% |
Values | Daily Returns |
HNX 30 vs. Athens General Composite
Performance |
Timeline |
HNX 30 and Athens General Volatility Contrast
Predicted Return Density |
Returns |
HNX 30
Pair trading matchups for HNX 30
Athens General Composite
Pair trading matchups for Athens General
Pair Trading with HNX 30 and Athens General
The main advantage of trading using opposite HNX 30 and Athens General positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HNX 30 position performs unexpectedly, Athens General 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 Athens General will offset losses from the drop in Athens General's long position.HNX 30 vs. Hanoi Plastics JSC | HNX 30 vs. Pha Le Plastics | HNX 30 vs. Danang Education Investment | HNX 30 vs. Viet Thanh Plastic |
Athens General vs. Foodlink AE | Athens General vs. Eurobank Ergasias Services | Athens General vs. Bank of Greece | Athens General vs. Performance Technologies SA |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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