Correlation Between Akbank TAS and Nurol Gayrimenkul
Can any of the company-specific risk be diversified away by investing in both Akbank TAS and Nurol Gayrimenkul 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 Nurol Gayrimenkul into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Akbank TAS and Nurol Gayrimenkul Yatirim, you can compare the effects of market volatilities on Akbank TAS and Nurol Gayrimenkul 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 Nurol Gayrimenkul. Check out your portfolio center. Please also check ongoing floating volatility patterns of Akbank TAS and Nurol Gayrimenkul.
Diversification Opportunities for Akbank TAS and Nurol Gayrimenkul
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Akbank and Nurol is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Akbank TAS and Nurol Gayrimenkul Yatirim in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nurol Gayrimenkul Yatirim 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 Nurol Gayrimenkul. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nurol Gayrimenkul Yatirim has no effect on the direction of Akbank TAS i.e., Akbank TAS and Nurol Gayrimenkul go up and down completely randomly.
Pair Corralation between Akbank TAS and Nurol Gayrimenkul
Assuming the 90 days trading horizon Akbank TAS is expected to under-perform the Nurol Gayrimenkul. But the stock apears to be less risky and, when comparing its historical volatility, Akbank TAS is 1.29 times less risky than Nurol Gayrimenkul. The stock trades about -0.04 of its potential returns per unit of risk. The Nurol Gayrimenkul Yatirim is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 745.00 in Nurol Gayrimenkul Yatirim on November 3, 2024 and sell it today you would lose (2.00) from holding Nurol Gayrimenkul Yatirim or give up 0.27% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Akbank TAS vs. Nurol Gayrimenkul Yatirim
Performance |
| Timeline |
| Akbank TAS |
| Nurol Gayrimenkul Yatirim |
Akbank TAS and Nurol Gayrimenkul Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Akbank TAS and Nurol Gayrimenkul
The main advantage of trading using opposite Akbank TAS and Nurol Gayrimenkul positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Akbank TAS position performs unexpectedly, Nurol Gayrimenkul 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 Nurol Gayrimenkul will offset losses from the drop in Nurol Gayrimenkul'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 |
| Nurol Gayrimenkul vs. Turkiye Is Bankasi | Nurol Gayrimenkul vs. Ege Endustri ve | Nurol Gayrimenkul vs. Turkiye Petrol Rafinerileri | Nurol Gayrimenkul vs. Otokar Otomotiv ve |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| 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 | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio |