Correlation Between Bayrak EBT and Akbank TAS
Can any of the company-specific risk be diversified away by investing in both Bayrak EBT and Akbank TAS 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 Bayrak EBT and Akbank TAS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bayrak EBT Taban and Akbank TAS, you can compare the effects of market volatilities on Bayrak EBT and Akbank TAS 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 Bayrak EBT with a short position of Akbank TAS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bayrak EBT and Akbank TAS.
Diversification Opportunities for Bayrak EBT and Akbank TAS
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Bayrak and Akbank is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Bayrak EBT Taban and Akbank TAS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Akbank TAS and Bayrak EBT 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 Bayrak EBT Taban are associated (or correlated) with Akbank TAS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Akbank TAS has no effect on the direction of Bayrak EBT i.e., Bayrak EBT and Akbank TAS go up and down completely randomly.
Pair Corralation between Bayrak EBT and Akbank TAS
Assuming the 90 days trading horizon Bayrak EBT Taban is expected to under-perform the Akbank TAS. In addition to that, Bayrak EBT is 1.55 times more volatile than Akbank TAS. It trades about -0.03 of its total potential returns per unit of risk. Akbank TAS is currently generating about 0.01 per unit of volatility. If you would invest 6,095 in Akbank TAS on September 3, 2024 and sell it today you would lose (10.00) from holding Akbank TAS or give up 0.16% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bayrak EBT Taban vs. Akbank TAS
Performance |
| Timeline |
| Bayrak EBT Taban |
| Akbank TAS |
Bayrak EBT and Akbank TAS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bayrak EBT and Akbank TAS
The main advantage of trading using opposite Bayrak EBT and Akbank TAS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bayrak EBT position performs unexpectedly, Akbank TAS 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 Akbank TAS will offset losses from the drop in Akbank TAS's long position.| Bayrak EBT vs. Akbank TAS | Bayrak EBT vs. Politeknik Metal Sanayi | Bayrak EBT vs. Bms Birlesik Metal | Bayrak EBT vs. Qnb Finansbank AS |
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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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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