Correlation Between Akcansa Cimento and Smart Gunes
Can any of the company-specific risk be diversified away by investing in both Akcansa Cimento and Smart Gunes 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 Smart Gunes 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 Smart Gunes Enerjisi, you can compare the effects of market volatilities on Akcansa Cimento and Smart Gunes 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 Smart Gunes. Check out your portfolio center. Please also check ongoing floating volatility patterns of Akcansa Cimento and Smart Gunes.
Diversification Opportunities for Akcansa Cimento and Smart Gunes
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Akcansa and Smart is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Akcansa Cimento Sanayi and Smart Gunes Enerjisi in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Smart Gunes Enerjisi 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 Smart Gunes. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Smart Gunes Enerjisi has no effect on the direction of Akcansa Cimento i.e., Akcansa Cimento and Smart Gunes go up and down completely randomly.
Pair Corralation between Akcansa Cimento and Smart Gunes
Assuming the 90 days trading horizon Akcansa Cimento Sanayi is expected to generate 1.33 times more return on investment than Smart Gunes. However, Akcansa Cimento is 1.33 times more volatile than Smart Gunes Enerjisi. It trades about 0.13 of its potential returns per unit of risk. Smart Gunes Enerjisi is currently generating about 0.05 per unit of risk. If you would invest 16,610 in Akcansa Cimento Sanayi on September 12, 2024 and sell it today you would earn a total of 1,350 from holding Akcansa Cimento Sanayi or generate 8.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Akcansa Cimento Sanayi vs. Smart Gunes Enerjisi
Performance |
| Timeline |
| Akcansa Cimento Sanayi |
| Smart Gunes Enerjisi |
Akcansa Cimento and Smart Gunes Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Akcansa Cimento and Smart Gunes
The main advantage of trading using opposite Akcansa Cimento and Smart Gunes positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Akcansa Cimento position performs unexpectedly, Smart Gunes 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 Smart Gunes will offset losses from the drop in Smart Gunes' long position.| Akcansa Cimento vs. Akbank TAS | Akcansa Cimento vs. Datagate Bilgisayar Malzemeleri | Akcansa Cimento vs. Mackolik Internet Hizmetleri | Akcansa Cimento vs. Bms Birlesik Metal |
| Smart Gunes vs. Gentas Genel Metal | Smart Gunes vs. Akcansa Cimento Sanayi | Smart Gunes vs. Galatasaray Sportif Sinai | Smart Gunes vs. Cuhadaroglu 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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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