Correlation Between Cohen and Ellomay Capital
Can any of the company-specific risk be diversified away by investing in both Cohen and Ellomay Capital 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 Cohen and Ellomay Capital into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cohen And Steers and Ellomay Capital, you can compare the effects of market volatilities on Cohen and Ellomay Capital 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 Cohen with a short position of Ellomay Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cohen and Ellomay Capital.
Diversification Opportunities for Cohen and Ellomay Capital
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Cohen and Ellomay is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Cohen And Steers and Ellomay Capital in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ellomay Capital and Cohen 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 Cohen And Steers are associated (or correlated) with Ellomay Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ellomay Capital has no effect on the direction of Cohen i.e., Cohen and Ellomay Capital go up and down completely randomly.
Pair Corralation between Cohen and Ellomay Capital
Assuming the 90 days horizon Cohen And Steers is expected to under-perform the Ellomay Capital. But the mutual fund apears to be less risky and, when comparing its historical volatility, Cohen And Steers is 1.68 times less risky than Ellomay Capital. The mutual fund trades about -0.27 of its potential returns per unit of risk. The Ellomay Capital is currently generating about -0.09 of returns per unit of risk over similar time horizon. If you would invest 581,100 in Ellomay Capital on January 27, 2024 and sell it today you would lose (17,900) from holding Ellomay Capital or give up 3.08% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 76.19% |
| Values | Daily Returns |
Cohen And Steers vs. Ellomay Capital
Performance |
| Timeline |
| Cohen And Steers |
| Ellomay Capital |
Cohen and Ellomay Capital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cohen and Ellomay Capital
The main advantage of trading using opposite Cohen and Ellomay Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cohen position performs unexpectedly, Ellomay Capital 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 Ellomay Capital will offset losses from the drop in Ellomay Capital's long position.| Cohen vs. Realty Income Corp | Cohen vs. Dynex Capital | Cohen vs. First Industrial Realty | Cohen vs. Healthcare Realty Trust |
| Ellomay Capital vs. Enlight Renewable Energy | Ellomay Capital vs. Energix Renewable Energies | Ellomay Capital vs. Ellomay Capital | Ellomay Capital vs. Doral Group Renewable |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
Other Complementary Tools
| Stocks Directory Find actively traded stocks across global markets | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account |