Correlation Between Ayes Celik and Turkish Airlines
Can any of the company-specific risk be diversified away by investing in both Ayes Celik and Turkish Airlines 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 Turkish Airlines 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 Turkish Airlines, you can compare the effects of market volatilities on Ayes Celik and Turkish Airlines 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 Turkish Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ayes Celik and Turkish Airlines.
Diversification Opportunities for Ayes Celik and Turkish Airlines
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Ayes and Turkish is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding Ayes Celik Hasir and Turkish Airlines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Turkish Airlines 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 Turkish Airlines. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Turkish Airlines has no effect on the direction of Ayes Celik i.e., Ayes Celik and Turkish Airlines go up and down completely randomly.
Pair Corralation between Ayes Celik and Turkish Airlines
Assuming the 90 days trading horizon Ayes Celik Hasir is expected to under-perform the Turkish Airlines. But the stock apears to be less risky and, when comparing its historical volatility, Ayes Celik Hasir is 1.23 times less risky than Turkish Airlines. The stock trades about -0.17 of its potential returns per unit of risk. The Turkish Airlines is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 26,850 in Turkish Airlines on September 4, 2024 and sell it today you would earn a total of 1,850 from holding Turkish Airlines or generate 6.89% 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. Turkish Airlines
Performance |
| Timeline |
| Ayes Celik Hasir |
| Turkish Airlines |
Ayes Celik and Turkish Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ayes Celik and Turkish Airlines
The main advantage of trading using opposite Ayes Celik and Turkish Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ayes Celik position performs unexpectedly, Turkish Airlines 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 Turkish Airlines will offset losses from the drop in Turkish Airlines' long position.| Ayes Celik vs. Turkish Airlines | Ayes Celik vs. Akbank TAS | Ayes Celik vs. Creditwest Faktoring AS | Ayes Celik vs. Bms Birlesik Metal |
| Turkish Airlines vs. Turkiye Petrol Rafinerileri | Turkish Airlines vs. Arcelik AS | Turkish Airlines vs. Turkiye Garanti Bankasi | Turkish Airlines vs. Akbank TAS |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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