Correlation Between Akcansa Cimento and QNB Finans
Can any of the company-specific risk be diversified away by investing in both Akcansa Cimento and QNB Finans 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 QNB Finans 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 QNB Finans Finansal, you can compare the effects of market volatilities on Akcansa Cimento and QNB Finans 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 QNB Finans. Check out your portfolio center. Please also check ongoing floating volatility patterns of Akcansa Cimento and QNB Finans.
Diversification Opportunities for Akcansa Cimento and QNB Finans
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between Akcansa and QNB is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding Akcansa Cimento Sanayi and QNB Finans Finansal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on QNB Finans Finansal 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 QNB Finans. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of QNB Finans Finansal has no effect on the direction of Akcansa Cimento i.e., Akcansa Cimento and QNB Finans go up and down completely randomly.
Pair Corralation between Akcansa Cimento and QNB Finans
Assuming the 90 days trading horizon Akcansa Cimento Sanayi is expected to generate 0.84 times more return on investment than QNB Finans. However, Akcansa Cimento Sanayi is 1.2 times less risky than QNB Finans. It trades about 0.19 of its potential returns per unit of risk. QNB Finans Finansal is currently generating about -0.08 per unit of risk. If you would invest 15,290 in Akcansa Cimento Sanayi on August 29, 2024 and sell it today you would earn a total of 1,470 from holding Akcansa Cimento Sanayi or generate 9.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Akcansa Cimento Sanayi vs. QNB Finans Finansal
Performance |
| Timeline |
| Akcansa Cimento Sanayi |
| QNB Finans Finansal |
Akcansa Cimento and QNB Finans Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Akcansa Cimento and QNB Finans
The main advantage of trading using opposite Akcansa Cimento and QNB Finans positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Akcansa Cimento position performs unexpectedly, QNB Finans 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 QNB Finans will offset losses from the drop in QNB Finans' long position.| Akcansa Cimento vs. MEGA METAL | Akcansa Cimento vs. Trabzonspor Sportif Yatirim | Akcansa Cimento vs. Gentas Genel Metal | Akcansa Cimento vs. Sekerbank TAS |
| QNB Finans vs. Bms Birlesik Metal | QNB Finans vs. Mackolik Internet Hizmetleri | QNB Finans vs. Akcansa Cimento Sanayi | QNB Finans 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 Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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