Correlation Between Akcansa Cimento and Kervan Gda
Can any of the company-specific risk be diversified away by investing in both Akcansa Cimento and Kervan Gda 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 Kervan Gda 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 Kervan Gda Sanayi, you can compare the effects of market volatilities on Akcansa Cimento and Kervan Gda 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 Kervan Gda. Check out your portfolio center. Please also check ongoing floating volatility patterns of Akcansa Cimento and Kervan Gda.
Diversification Opportunities for Akcansa Cimento and Kervan Gda
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Akcansa and Kervan is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Akcansa Cimento Sanayi and Kervan Gda Sanayi in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kervan Gda Sanayi 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 Kervan Gda. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kervan Gda Sanayi has no effect on the direction of Akcansa Cimento i.e., Akcansa Cimento and Kervan Gda go up and down completely randomly.
Pair Corralation between Akcansa Cimento and Kervan Gda
Assuming the 90 days trading horizon Akcansa Cimento Sanayi is expected to generate 1.22 times more return on investment than Kervan Gda. However, Akcansa Cimento is 1.22 times more volatile than Kervan Gda Sanayi. It trades about 0.1 of its potential returns per unit of risk. Kervan Gda Sanayi is currently generating about -0.12 per unit of risk. If you would invest 15,480 in Akcansa Cimento Sanayi on October 26, 2024 and sell it today you would earn a total of 4,720 from holding Akcansa Cimento Sanayi or generate 30.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.21% |
| Values | Daily Returns |
Akcansa Cimento Sanayi vs. Kervan Gda Sanayi
Performance |
| Timeline |
| Akcansa Cimento Sanayi |
| Kervan Gda Sanayi |
Akcansa Cimento and Kervan Gda Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Akcansa Cimento and Kervan Gda
The main advantage of trading using opposite Akcansa Cimento and Kervan Gda positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Akcansa Cimento position performs unexpectedly, Kervan Gda 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 Kervan Gda will offset losses from the drop in Kervan Gda's long position.| Akcansa Cimento vs. KOC METALURJI | Akcansa Cimento vs. MEGA METAL | Akcansa Cimento vs. Cuhadaroglu Metal Sanayi | Akcansa Cimento vs. Borlease Otomotiv AS |
| Kervan Gda vs. Silverline Endustri ve | Kervan Gda vs. Koza Anadolu Metal | Kervan Gda vs. Akcansa Cimento Sanayi | Kervan Gda vs. Politeknik Metal Sanayi |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
Other Complementary Tools
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| 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 | |
| Fundamental Analysis View fundamental data based on most recent published financial statements |