Correlation Between Aksa Enerji and Dogus Gayrimenkul
Can any of the company-specific risk be diversified away by investing in both Aksa Enerji and Dogus Gayrimenkul 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 Dogus Gayrimenkul 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 Dogus Gayrimenkul Yatirim, you can compare the effects of market volatilities on Aksa Enerji and Dogus Gayrimenkul 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 Dogus Gayrimenkul. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aksa Enerji and Dogus Gayrimenkul.
Diversification Opportunities for Aksa Enerji and Dogus Gayrimenkul
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Aksa and Dogus is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding Aksa Enerji Uretim and Dogus Gayrimenkul Yatirim in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dogus Gayrimenkul Yatirim 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 Dogus Gayrimenkul. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dogus Gayrimenkul Yatirim has no effect on the direction of Aksa Enerji i.e., Aksa Enerji and Dogus Gayrimenkul go up and down completely randomly.
Pair Corralation between Aksa Enerji and Dogus Gayrimenkul
Assuming the 90 days trading horizon Aksa Enerji Uretim is expected to generate 0.66 times more return on investment than Dogus Gayrimenkul. However, Aksa Enerji Uretim is 1.51 times less risky than Dogus Gayrimenkul. It trades about 0.23 of its potential returns per unit of risk. Dogus Gayrimenkul Yatirim is currently generating about 0.13 per unit of risk. If you would invest 3,264 in Aksa Enerji Uretim on September 2, 2024 and sell it today you would earn a total of 292.00 from holding Aksa Enerji Uretim or generate 8.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Aksa Enerji Uretim vs. Dogus Gayrimenkul Yatirim
Performance |
| Timeline |
| Aksa Enerji Uretim |
| Dogus Gayrimenkul Yatirim |
Aksa Enerji and Dogus Gayrimenkul Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aksa Enerji and Dogus Gayrimenkul
The main advantage of trading using opposite Aksa Enerji and Dogus Gayrimenkul positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aksa Enerji position performs unexpectedly, Dogus Gayrimenkul 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 Dogus Gayrimenkul will offset losses from the drop in Dogus Gayrimenkul's long position.| Aksa Enerji vs. Aksa Akrilik Kimya | Aksa Enerji vs. Turkiye Sise ve | Aksa Enerji vs. Hektas Ticaret TAS | Aksa Enerji vs. SASA Polyester Sanayi |
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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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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