Correlation Between Nigerian Stock and Athens General
Specify exactly 2 symbols:
By analyzing existing cross correlation between Nigerian Stock Exchange and Athens General Composite, you can compare the effects of market volatilities on Nigerian Stock 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 Nigerian Stock with a short position of Athens General. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nigerian Stock and Athens General.
Diversification Opportunities for Nigerian Stock and Athens General
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Nigerian and Athens is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding Nigerian Stock Exchange 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 Nigerian Stock 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 Nigerian Stock Exchange 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 Nigerian Stock i.e., Nigerian Stock and Athens General go up and down completely randomly.
Pair Corralation between Nigerian Stock and Athens General
Assuming the 90 days trading horizon Nigerian Stock Exchange is expected to under-perform the Athens General. But the index apears to be less risky and, when comparing its historical volatility, Nigerian Stock Exchange is 2.09 times less risky than Athens General. The index trades about -0.42 of its potential returns per unit of risk. The Athens General Composite is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest 138,638 in Athens General Composite on February 4, 2024 and sell it today you would earn a total of 6,586 from holding Athens General Composite or generate 4.75% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 90.48% |
Values | Daily Returns |
Nigerian Stock Exchange vs. Athens General Composite
Performance |
Timeline |
Nigerian Stock and Athens General Volatility Contrast
Predicted Return Density |
Returns |
Nigerian Stock Exchange
Pair trading matchups for Nigerian Stock
Athens General Composite
Pair trading matchups for Athens General
Pair Trading with Nigerian Stock and Athens General
The main advantage of trading using opposite Nigerian Stock and Athens General positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nigerian Stock 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.Nigerian Stock vs. SECURE ELECTRONIC TECHNOLOGY | Nigerian Stock vs. NOTORE CHEMICAL IND | Nigerian Stock vs. RESORT SAVINGS LOANS | Nigerian Stock vs. AFROMEDIA PLC |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
Other Complementary Tools
Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
Equity Valuation Check real value of public entities based on technical and fundamental data | |
My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like |