Correlation Between Aksa Enerji and Aksa Akrilik
Can any of the company-specific risk be diversified away by investing in both Aksa Enerji and Aksa Akrilik 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 Enerji and Aksa Akrilik into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aksa Enerji Uretim and Aksa Akrilik Kimya, you can compare the effects of market volatilities on Aksa Enerji and Aksa Akrilik 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 Enerji with a short position of Aksa Akrilik. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aksa Enerji and Aksa Akrilik.
Diversification Opportunities for Aksa Enerji and Aksa Akrilik
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Aksa and Aksa is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding Aksa Enerji Uretim and Aksa Akrilik Kimya in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aksa Akrilik Kimya and Aksa Enerji 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 Enerji Uretim are associated (or correlated) with Aksa Akrilik. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aksa Akrilik Kimya has no effect on the direction of Aksa Enerji i.e., Aksa Enerji and Aksa Akrilik go up and down completely randomly.
Pair Corralation between Aksa Enerji and Aksa Akrilik
Assuming the 90 days trading horizon Aksa Enerji Uretim is expected to under-perform the Aksa Akrilik. In addition to that, Aksa Enerji is 1.09 times more volatile than Aksa Akrilik Kimya. It trades about -0.12 of its total potential returns per unit of risk. Aksa Akrilik Kimya is currently generating about 0.01 per unit of volatility. If you would invest 922.00 in Aksa Akrilik Kimya on August 30, 2024 and sell it today you would lose (2.00) from holding Aksa Akrilik Kimya or give up 0.22% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Aksa Enerji Uretim vs. Aksa Akrilik Kimya
Performance |
| Timeline |
| Aksa Enerji Uretim |
| Aksa Akrilik Kimya |
Aksa Enerji and Aksa Akrilik Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aksa Enerji and Aksa Akrilik
The main advantage of trading using opposite Aksa Enerji and Aksa Akrilik positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aksa Enerji position performs unexpectedly, Aksa Akrilik 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 Aksa Akrilik will offset losses from the drop in Aksa Akrilik's long position.| Aksa Enerji vs. Eregli Demir ve | Aksa Enerji vs. Turkiye Sise ve | Aksa Enerji vs. Tofas Turk Otomobil | Aksa Enerji vs. Ford Otomotiv Sanayi |
| Aksa Akrilik vs. Eregli Demir ve | Aksa Akrilik vs. Turkiye Sise ve | Aksa Akrilik vs. Tofas Turk Otomobil | Aksa Akrilik vs. Ford Otomotiv 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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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