Correlation Between PSI 20 and Athens General
Specify exactly 2 symbols:
By analyzing existing cross correlation between PSI 20 Stock and Athens General Composite, you can compare the effects of market volatilities on PSI 20 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 PSI 20 with a short position of Athens General. Check out your portfolio center. Please also check ongoing floating volatility patterns of PSI 20 and Athens General.
Diversification Opportunities for PSI 20 and Athens General
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between PSI and Athens is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding PSI 20 Stock 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 PSI 20 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 PSI 20 Stock 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 PSI 20 i.e., PSI 20 and Athens General go up and down completely randomly.
Pair Corralation between PSI 20 and Athens General
Assuming the 90 days trading horizon PSI 20 Stock is expected to generate 0.99 times more return on investment than Athens General. However, PSI 20 Stock is 1.01 times less risky than Athens General. It trades about 0.27 of its potential returns per unit of risk. Athens General Composite is currently generating about 0.2 per unit of risk. If you would invest 630,721 in PSI 20 Stock on January 31, 2024 and sell it today you would earn a total of 37,341 from holding PSI 20 Stock or generate 5.92% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
PSI 20 Stock vs. Athens General Composite
Performance |
Timeline |
PSI 20 and Athens General Volatility Contrast
Predicted Return Density |
Returns |
Athens General Composite
Pair trading matchups for Athens General
Pair Trading with PSI 20 and Athens General
The main advantage of trading using opposite PSI 20 and Athens General positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PSI 20 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.The idea behind PSI 20 Stock and Athens General Composite 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.Athens General vs. Logismos Information Systems | Athens General vs. Sidma SA Steel | Athens General vs. Lampsa Hellenic Hotels | Athens General vs. Profile Systems Software |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
Other Complementary Tools
Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
Equity Valuation Check real value of public entities based on technical and fundamental data | |
Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA |