Correlation Between Akbank TAS and Emlak Konut
Can any of the company-specific risk be diversified away by investing in both Akbank TAS and Emlak Konut 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 Emlak Konut into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Akbank TAS and Emlak Konut Gayrimenkul, you can compare the effects of market volatilities on Akbank TAS and Emlak Konut 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 Emlak Konut. Check out your portfolio center. Please also check ongoing floating volatility patterns of Akbank TAS and Emlak Konut.
Diversification Opportunities for Akbank TAS and Emlak Konut
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Akbank and Emlak is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Akbank TAS and Emlak Konut Gayrimenkul in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Emlak Konut Gayrimenkul 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 Emlak Konut. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Emlak Konut Gayrimenkul has no effect on the direction of Akbank TAS i.e., Akbank TAS and Emlak Konut go up and down completely randomly.
Pair Corralation between Akbank TAS and Emlak Konut
Assuming the 90 days trading horizon Akbank TAS is expected to generate 0.93 times more return on investment than Emlak Konut. However, Akbank TAS is 1.07 times less risky than Emlak Konut. It trades about 0.13 of its potential returns per unit of risk. Emlak Konut Gayrimenkul is currently generating about 0.11 per unit of risk. If you would invest 6,505 in Akbank TAS on October 26, 2024 and sell it today you would earn a total of 310.00 from holding Akbank TAS or generate 4.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Akbank TAS vs. Emlak Konut Gayrimenkul
Performance |
| Timeline |
| Akbank TAS |
| Emlak Konut Gayrimenkul |
Akbank TAS and Emlak Konut Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Akbank TAS and Emlak Konut
The main advantage of trading using opposite Akbank TAS and Emlak Konut positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Akbank TAS position performs unexpectedly, Emlak Konut 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 Emlak Konut will offset losses from the drop in Emlak Konut'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 |
| Emlak Konut vs. Yapi ve Kredi | Emlak Konut vs. Petkim Petrokimya Holding | Emlak Konut vs. Turkiye Is Bankasi | Emlak Konut vs. Kardemir Karabuk Demir |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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