Correlation Between Aksa Enerji and Ege Gubre
Can any of the company-specific risk be diversified away by investing in both Aksa Enerji and Ege Gubre 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 Ege Gubre 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 Ege Gubre Sanayi, you can compare the effects of market volatilities on Aksa Enerji and Ege Gubre 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 Ege Gubre. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aksa Enerji and Ege Gubre.
Diversification Opportunities for Aksa Enerji and Ege Gubre
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Aksa and Ege is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Aksa Enerji Uretim and Ege Gubre Sanayi in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ege Gubre Sanayi 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 Ege Gubre. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ege Gubre Sanayi has no effect on the direction of Aksa Enerji i.e., Aksa Enerji and Ege Gubre go up and down completely randomly.
Pair Corralation between Aksa Enerji and Ege Gubre
Assuming the 90 days trading horizon Aksa Enerji Uretim is expected to generate 0.75 times more return on investment than Ege Gubre. However, Aksa Enerji Uretim is 1.34 times less risky than Ege Gubre. It trades about 0.23 of its potential returns per unit of risk. Ege Gubre Sanayi is currently generating about 0.01 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 Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Aksa Enerji Uretim vs. Ege Gubre Sanayi
Performance |
| Timeline |
| Aksa Enerji Uretim |
| Ege Gubre Sanayi |
Aksa Enerji and Ege Gubre Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aksa Enerji and Ege Gubre
The main advantage of trading using opposite Aksa Enerji and Ege Gubre positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aksa Enerji position performs unexpectedly, Ege Gubre 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 Ege Gubre will offset losses from the drop in Ege Gubre'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 |
| Ege Gubre vs. Gentas Genel Metal | Ege Gubre vs. Sekerbank TAS | Ege Gubre vs. Politeknik Metal Sanayi | Ege Gubre vs. MEGA METAL |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
Other Complementary Tools
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets |