Correlation Between Ayes Celik and Koza Altin
Can any of the company-specific risk be diversified away by investing in both Ayes Celik and Koza Altin 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 Ayes Celik and Koza Altin into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ayes Celik Hasir and Koza Altin Isletmeleri, you can compare the effects of market volatilities on Ayes Celik and Koza Altin 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 Ayes Celik with a short position of Koza Altin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ayes Celik and Koza Altin.
Diversification Opportunities for Ayes Celik and Koza Altin
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Ayes and Koza is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding Ayes Celik Hasir and Koza Altin Isletmeleri in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Koza Altin Isletmeleri and Ayes Celik 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 Ayes Celik Hasir are associated (or correlated) with Koza Altin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Koza Altin Isletmeleri has no effect on the direction of Ayes Celik i.e., Ayes Celik and Koza Altin go up and down completely randomly.
Pair Corralation between Ayes Celik and Koza Altin
Assuming the 90 days trading horizon Ayes Celik Hasir is expected to under-perform the Koza Altin. But the stock apears to be less risky and, when comparing its historical volatility, Ayes Celik Hasir is 1.47 times less risky than Koza Altin. The stock trades about -0.21 of its potential returns per unit of risk. The Koza Altin Isletmeleri is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest 1,968 in Koza Altin Isletmeleri on September 12, 2024 and sell it today you would earn a total of 336.00 from holding Koza Altin Isletmeleri or generate 17.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ayes Celik Hasir vs. Koza Altin Isletmeleri
Performance |
| Timeline |
| Ayes Celik Hasir |
| Koza Altin Isletmeleri |
Ayes Celik and Koza Altin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ayes Celik and Koza Altin
The main advantage of trading using opposite Ayes Celik and Koza Altin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ayes Celik position performs unexpectedly, Koza Altin 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 Koza Altin will offset losses from the drop in Koza Altin's long position.| Ayes Celik vs. Eregli Demir ve | Ayes Celik vs. Iskenderun Demir ve | Ayes Celik vs. Kardemir Karabuk Demir | Ayes Celik vs. Dogus Gayrimenkul Yatirim |
| Koza Altin vs. Ayes Celik Hasir | Koza Altin vs. Trend Gayrimenkul Yatirim | Koza Altin vs. Ege Endustri ve | Koza Altin vs. Alarko Carrier 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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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