Correlation Between Akcansa Cimento and Gozde Girisim
Can any of the company-specific risk be diversified away by investing in both Akcansa Cimento and Gozde Girisim 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 Akcansa Cimento and Gozde Girisim into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Akcansa Cimento Sanayi and Gozde Girisim Sermayesi, you can compare the effects of market volatilities on Akcansa Cimento and Gozde Girisim 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 Akcansa Cimento with a short position of Gozde Girisim. Check out your portfolio center. Please also check ongoing floating volatility patterns of Akcansa Cimento and Gozde Girisim.
Diversification Opportunities for Akcansa Cimento and Gozde Girisim
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Akcansa and Gozde is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding Akcansa Cimento Sanayi and Gozde Girisim Sermayesi in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gozde Girisim Sermayesi and Akcansa Cimento 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 Akcansa Cimento Sanayi are associated (or correlated) with Gozde Girisim. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gozde Girisim Sermayesi has no effect on the direction of Akcansa Cimento i.e., Akcansa Cimento and Gozde Girisim go up and down completely randomly.
Pair Corralation between Akcansa Cimento and Gozde Girisim
Assuming the 90 days trading horizon Akcansa Cimento Sanayi is expected to generate 0.62 times more return on investment than Gozde Girisim. However, Akcansa Cimento Sanayi is 1.61 times less risky than Gozde Girisim. It trades about 0.23 of its potential returns per unit of risk. Gozde Girisim Sermayesi is currently generating about -0.06 per unit of risk. If you would invest 17,640 in Akcansa Cimento Sanayi on October 24, 2024 and sell it today you would earn a total of 1,160 from holding Akcansa Cimento Sanayi or generate 6.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Akcansa Cimento Sanayi vs. Gozde Girisim Sermayesi
Performance |
| Timeline |
| Akcansa Cimento Sanayi |
| Gozde Girisim Sermayesi |
Akcansa Cimento and Gozde Girisim Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Akcansa Cimento and Gozde Girisim
The main advantage of trading using opposite Akcansa Cimento and Gozde Girisim positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Akcansa Cimento position performs unexpectedly, Gozde Girisim 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 Gozde Girisim will offset losses from the drop in Gozde Girisim's long position.| Akcansa Cimento vs. CEO Event Medya | Akcansa Cimento vs. Borlease Otomotiv AS | Akcansa Cimento vs. Trabzonspor Sportif Yatirim | Akcansa Cimento vs. Turkiye Kalkinma Bankasi |
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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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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