Correlation Between Aksa Akrilik and Aygaz AS
Can any of the company-specific risk be diversified away by investing in both Aksa Akrilik and Aygaz AS 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 Aksa Akrilik and Aygaz AS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aksa Akrilik Kimya and Aygaz AS, you can compare the effects of market volatilities on Aksa Akrilik and Aygaz AS 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 Aksa Akrilik with a short position of Aygaz AS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aksa Akrilik and Aygaz AS.
Diversification Opportunities for Aksa Akrilik and Aygaz AS
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Aksa and Aygaz is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding Aksa Akrilik Kimya and Aygaz AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aygaz AS and Aksa Akrilik 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 Aksa Akrilik Kimya are associated (or correlated) with Aygaz AS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aygaz AS has no effect on the direction of Aksa Akrilik i.e., Aksa Akrilik and Aygaz AS go up and down completely randomly.
Pair Corralation between Aksa Akrilik and Aygaz AS
Assuming the 90 days trading horizon Aksa Akrilik Kimya is expected to generate 15.28 times more return on investment than Aygaz AS. However, Aksa Akrilik is 15.28 times more volatile than Aygaz AS. It trades about 0.04 of its potential returns per unit of risk. Aygaz AS is currently generating about 0.07 per unit of risk. If you would invest 677.00 in Aksa Akrilik Kimya on August 30, 2024 and sell it today you would earn a total of 243.00 from holding Aksa Akrilik Kimya or generate 35.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Aksa Akrilik Kimya vs. Aygaz AS
Performance |
| Timeline |
| Aksa Akrilik Kimya |
| Aygaz AS |
Aksa Akrilik and Aygaz AS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aksa Akrilik and Aygaz AS
The main advantage of trading using opposite Aksa Akrilik and Aygaz AS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aksa Akrilik position performs unexpectedly, Aygaz AS 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 Aygaz AS will offset losses from the drop in Aygaz AS's long position.| Aksa Akrilik vs. BIM Birlesik Magazalar | Aksa Akrilik vs. Pegasus Hava Tasimaciligi | Aksa Akrilik vs. Turkiye Petrol Rafinerileri | Aksa Akrilik vs. Turkiye Sise ve |
| Aygaz AS vs. Turkiye Petrol Rafinerileri | Aygaz AS vs. Aksa Akrilik Kimya | Aygaz AS vs. Arcelik AS | Aygaz AS vs. Tofas Turk Otomobil |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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