Correlation Between Aksu Enerji and Anadolu Efes
Can any of the company-specific risk be diversified away by investing in both Aksu Enerji and Anadolu Efes 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 Aksu Enerji and Anadolu Efes into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aksu Enerji ve and Anadolu Efes Biracilik, you can compare the effects of market volatilities on Aksu Enerji and Anadolu Efes 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 Aksu Enerji with a short position of Anadolu Efes. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aksu Enerji and Anadolu Efes.
Diversification Opportunities for Aksu Enerji and Anadolu Efes
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Aksu and Anadolu is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Aksu Enerji ve and Anadolu Efes Biracilik in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anadolu Efes Biracilik and Aksu 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 Aksu Enerji ve are associated (or correlated) with Anadolu Efes. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anadolu Efes Biracilik has no effect on the direction of Aksu Enerji i.e., Aksu Enerji and Anadolu Efes go up and down completely randomly.
Pair Corralation between Aksu Enerji and Anadolu Efes
Assuming the 90 days trading horizon Aksu Enerji ve is expected to under-perform the Anadolu Efes. But the stock apears to be less risky and, when comparing its historical volatility, Aksu Enerji ve is 1.06 times less risky than Anadolu Efes. The stock trades about -0.03 of its potential returns per unit of risk. The Anadolu Efes Biracilik is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 13,921 in Anadolu Efes Biracilik on August 28, 2024 and sell it today you would earn a total of 7,929 from holding Anadolu Efes Biracilik or generate 56.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Aksu Enerji ve vs. Anadolu Efes Biracilik
Performance |
| Timeline |
| Aksu Enerji ve |
| Anadolu Efes Biracilik |
Aksu Enerji and Anadolu Efes Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aksu Enerji and Anadolu Efes
The main advantage of trading using opposite Aksu Enerji and Anadolu Efes positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aksu Enerji position performs unexpectedly, Anadolu Efes 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 Anadolu Efes will offset losses from the drop in Anadolu Efes' long position.| Aksu Enerji vs. Cuhadaroglu Metal Sanayi | Aksu Enerji vs. Gentas Genel Metal | Aksu Enerji vs. Turkish Airlines | Aksu Enerji vs. MEGA METAL |
| Anadolu Efes vs. Is Yatirim Ortakligi | Anadolu Efes vs. Creditwest Faktoring AS | Anadolu Efes vs. Turk Telekomunikasyon AS | Anadolu Efes vs. Aygaz AS |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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