Correlation Between Aksa Enerji and Turkiye Petrol
Can any of the company-specific risk be diversified away by investing in both Aksa Enerji and Turkiye Petrol 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 Turkiye Petrol 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 Turkiye Petrol Rafinerileri, you can compare the effects of market volatilities on Aksa Enerji and Turkiye Petrol 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 Turkiye Petrol. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aksa Enerji and Turkiye Petrol.
Diversification Opportunities for Aksa Enerji and Turkiye Petrol
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Aksa and Turkiye is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Aksa Enerji Uretim and Turkiye Petrol Rafinerileri in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Turkiye Petrol Rafin 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 Turkiye Petrol. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Turkiye Petrol Rafin has no effect on the direction of Aksa Enerji i.e., Aksa Enerji and Turkiye Petrol go up and down completely randomly.
Pair Corralation between Aksa Enerji and Turkiye Petrol
Assuming the 90 days trading horizon Aksa Enerji Uretim is expected to under-perform the Turkiye Petrol. In addition to that, Aksa Enerji is 1.16 times more volatile than Turkiye Petrol Rafinerileri. It trades about -0.43 of its total potential returns per unit of risk. Turkiye Petrol Rafinerileri is currently generating about -0.35 per unit of volatility. If you would invest 14,060 in Turkiye Petrol Rafinerileri on November 28, 2024 and sell it today you would lose (1,520) from holding Turkiye Petrol Rafinerileri or give up 10.81% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Aksa Enerji Uretim vs. Turkiye Petrol Rafinerileri
Performance |
| Timeline |
| Aksa Enerji Uretim |
| Turkiye Petrol Rafin |
Aksa Enerji and Turkiye Petrol Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aksa Enerji and Turkiye Petrol
The main advantage of trading using opposite Aksa Enerji and Turkiye Petrol positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aksa Enerji position performs unexpectedly, Turkiye Petrol 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 Turkiye Petrol will offset losses from the drop in Turkiye Petrol'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 |
| Turkiye Petrol vs. Eregli Demir ve | Turkiye Petrol vs. Turkiye Sise ve | Turkiye Petrol vs. Turkish Airlines | Turkiye Petrol vs. Petkim Petrokimya Holding |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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