Correlation Between Aksa Enerji and Prizma Pres
Can any of the company-specific risk be diversified away by investing in both Aksa Enerji and Prizma Pres 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 Prizma Pres 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 Prizma Pres Matbaacilik, you can compare the effects of market volatilities on Aksa Enerji and Prizma Pres 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 Prizma Pres. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aksa Enerji and Prizma Pres.
Diversification Opportunities for Aksa Enerji and Prizma Pres
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Aksa and Prizma is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Aksa Enerji Uretim and Prizma Pres Matbaacilik in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Prizma Pres Matbaacilik 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 Prizma Pres. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Prizma Pres Matbaacilik has no effect on the direction of Aksa Enerji i.e., Aksa Enerji and Prizma Pres go up and down completely randomly.
Pair Corralation between Aksa Enerji and Prizma Pres
Assuming the 90 days trading horizon Aksa Enerji Uretim is expected to generate 0.5 times more return on investment than Prizma Pres. However, Aksa Enerji Uretim is 2.01 times less risky than Prizma Pres. It trades about 0.23 of its potential returns per unit of risk. Prizma Pres Matbaacilik is currently generating about -0.22 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 | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Aksa Enerji Uretim vs. Prizma Pres Matbaacilik
Performance |
| Timeline |
| Aksa Enerji Uretim |
| Prizma Pres Matbaacilik |
Aksa Enerji and Prizma Pres Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aksa Enerji and Prizma Pres
The main advantage of trading using opposite Aksa Enerji and Prizma Pres positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aksa Enerji position performs unexpectedly, Prizma Pres 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 Prizma Pres will offset losses from the drop in Prizma Pres' 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 |
| Prizma Pres vs. Koza Anadolu Metal | Prizma Pres vs. Bms Birlesik Metal | Prizma Pres vs. Turkish Airlines | Prizma Pres vs. Politeknik 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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
Other Complementary Tools
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk |