Correlation Between Akbank TAS and Duran Dogan
Can any of the company-specific risk be diversified away by investing in both Akbank TAS and Duran Dogan 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 Duran Dogan into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Akbank TAS and Duran Dogan Basim ve, you can compare the effects of market volatilities on Akbank TAS and Duran Dogan 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 Duran Dogan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Akbank TAS and Duran Dogan.
Diversification Opportunities for Akbank TAS and Duran Dogan
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Akbank and Duran is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding Akbank TAS and Duran Dogan Basim ve in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Duran Dogan Basim 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 Duran Dogan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Duran Dogan Basim has no effect on the direction of Akbank TAS i.e., Akbank TAS and Duran Dogan go up and down completely randomly.
Pair Corralation between Akbank TAS and Duran Dogan
Assuming the 90 days trading horizon Akbank TAS is expected to generate 0.44 times more return on investment than Duran Dogan. However, Akbank TAS is 2.28 times less risky than Duran Dogan. It trades about 0.29 of its potential returns per unit of risk. Duran Dogan Basim ve is currently generating about 0.08 per unit of risk. If you would invest 4,992 in Akbank TAS on September 2, 2024 and sell it today you would earn a total of 1,093 from holding Akbank TAS or generate 21.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Akbank TAS vs. Duran Dogan Basim ve
Performance |
| Timeline |
| Akbank TAS |
| Duran Dogan Basim |
Akbank TAS and Duran Dogan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Akbank TAS and Duran Dogan
The main advantage of trading using opposite Akbank TAS and Duran Dogan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Akbank TAS position performs unexpectedly, Duran Dogan 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 Duran Dogan will offset losses from the drop in Duran Dogan'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 |
| Duran Dogan vs. Sodas Sodyum Sanayi | Duran Dogan vs. Koza Anadolu Metal | Duran Dogan vs. Bms Birlesik Metal | Duran Dogan vs. E Data Teknoloji Pazarlama |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
Other Complementary Tools
| 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 | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets |