Correlation Between Akbank TAS and CarrefourSA Carrefour
Can any of the company-specific risk be diversified away by investing in both Akbank TAS and CarrefourSA Carrefour 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 Akbank TAS and CarrefourSA Carrefour into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Akbank TAS and CarrefourSA Carrefour Sabanci, you can compare the effects of market volatilities on Akbank TAS and CarrefourSA Carrefour 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 Akbank TAS with a short position of CarrefourSA Carrefour. Check out your portfolio center. Please also check ongoing floating volatility patterns of Akbank TAS and CarrefourSA Carrefour.
Diversification Opportunities for Akbank TAS and CarrefourSA Carrefour
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Akbank and CarrefourSA is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Akbank TAS and CarrefourSA Carrefour Sabanci in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CarrefourSA Carrefour and Akbank TAS 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 Akbank TAS are associated (or correlated) with CarrefourSA Carrefour. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CarrefourSA Carrefour has no effect on the direction of Akbank TAS i.e., Akbank TAS and CarrefourSA Carrefour go up and down completely randomly.
Pair Corralation between Akbank TAS and CarrefourSA Carrefour
Assuming the 90 days trading horizon Akbank TAS is expected to generate 0.81 times more return on investment than CarrefourSA Carrefour. However, Akbank TAS is 1.24 times less risky than CarrefourSA Carrefour. It trades about 0.11 of its potential returns per unit of risk. CarrefourSA Carrefour Sabanci is currently generating about 0.05 per unit of risk. If you would invest 2,716 in Akbank TAS on September 12, 2024 and sell it today you would earn a total of 3,799 from holding Akbank TAS or generate 139.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.7% |
| Values | Daily Returns |
Akbank TAS vs. CarrefourSA Carrefour Sabanci
Performance |
| Timeline |
| Akbank TAS |
| CarrefourSA Carrefour |
Akbank TAS and CarrefourSA Carrefour Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Akbank TAS and CarrefourSA Carrefour
The main advantage of trading using opposite Akbank TAS and CarrefourSA Carrefour positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Akbank TAS position performs unexpectedly, CarrefourSA Carrefour 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 CarrefourSA Carrefour will offset losses from the drop in CarrefourSA Carrefour's long position.| Akbank TAS vs. Turkiye Garanti Bankasi | Akbank TAS vs. Yapi ve Kredi | Akbank TAS vs. Turkiye Is Bankasi | Akbank TAS vs. Koc Holding AS |
| CarrefourSA Carrefour vs. Turkish Airlines | CarrefourSA Carrefour vs. Akbank TAS | CarrefourSA Carrefour vs. MEGA METAL | CarrefourSA Carrefour vs. Sekerbank TAS |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
Other Complementary Tools
| Transaction History View history of all your transactions and understand their impact on performance | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| 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 | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device |