Correlation Between WIG 30 and Athens General
Specify exactly 2 symbols:
By analyzing existing cross correlation between WIG 30 and Athens General Composite, you can compare the effects of market volatilities on WIG 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 WIG 30 with a short position of Athens General. Check out your portfolio center. Please also check ongoing floating volatility patterns of WIG 30 and Athens General.
Diversification Opportunities for WIG 30 and Athens General
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between WIG and Athens is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding WIG 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 WIG 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 WIG 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 WIG 30 i.e., WIG 30 and Athens General go up and down completely randomly.
Pair Corralation between WIG 30 and Athens General
Assuming the 90 days trading horizon WIG 30 is expected to generate 1.65 times less return on investment than Athens General. But when comparing it to its historical volatility, WIG 30 is 1.08 times less risky than Athens General. It trades about 0.07 of its potential returns per unit of risk. Athens General Composite is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 142,235 in Athens General Composite on January 28, 2024 and sell it today you would earn a total of 3,263 from holding Athens General Composite or generate 2.29% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 95.24% |
Values | Daily Returns |
WIG 30 vs. Athens General Composite
Performance |
Timeline |
WIG 30 and Athens General Volatility Contrast
Predicted Return Density |
Returns |
WIG 30
Pair trading matchups for WIG 30
Athens General Composite
Pair trading matchups for Athens General
Pair Trading with WIG 30 and Athens General
The main advantage of trading using opposite WIG 30 and Athens General positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if WIG 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.WIG 30 vs. VR Factory Games | WIG 30 vs. All In Games | WIG 30 vs. Road Studio SA | WIG 30 vs. Globe Trade Centre |
Athens General vs. Thrace Plastics Holding | Athens General vs. Sato office and | Athens General vs. General Commercial Industrial | Athens General vs. Daios Plastics 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 Stocks Directory module to find actively traded stocks across global markets.
Other Complementary Tools
Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. |