Correlation Between Beyaz Filo and Gentas Genel
Can any of the company-specific risk be diversified away by investing in both Beyaz Filo and Gentas Genel 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 Beyaz Filo and Gentas Genel into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Beyaz Filo Oto and Gentas Genel Metal, you can compare the effects of market volatilities on Beyaz Filo and Gentas Genel 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 Beyaz Filo with a short position of Gentas Genel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beyaz Filo and Gentas Genel.
Diversification Opportunities for Beyaz Filo and Gentas Genel
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Beyaz and Gentas is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Beyaz Filo Oto and Gentas Genel Metal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gentas Genel Metal and Beyaz Filo 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 Beyaz Filo Oto are associated (or correlated) with Gentas Genel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gentas Genel Metal has no effect on the direction of Beyaz Filo i.e., Beyaz Filo and Gentas Genel go up and down completely randomly.
Pair Corralation between Beyaz Filo and Gentas Genel
Assuming the 90 days trading horizon Beyaz Filo Oto is expected to under-perform the Gentas Genel. But the stock apears to be less risky and, when comparing its historical volatility, Beyaz Filo Oto is 1.63 times less risky than Gentas Genel. The stock trades about -0.05 of its potential returns per unit of risk. The Gentas Genel Metal is currently generating about -0.01 of returns per unit of risk over similar time horizon. If you would invest 1,125 in Gentas Genel Metal on November 3, 2024 and sell it today you would lose (25.00) from holding Gentas Genel Metal or give up 2.22% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beyaz Filo Oto vs. Gentas Genel Metal
Performance |
| Timeline |
| Beyaz Filo Oto |
| Gentas Genel Metal |
Beyaz Filo and Gentas Genel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beyaz Filo and Gentas Genel
The main advantage of trading using opposite Beyaz Filo and Gentas Genel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beyaz Filo position performs unexpectedly, Gentas Genel 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 Gentas Genel will offset losses from the drop in Gentas Genel's long position.| Beyaz Filo vs. Koza Anadolu Metal | Beyaz Filo vs. ICBC Turkey Bank | Beyaz Filo vs. MEGA METAL | Beyaz Filo vs. Sodas Sodyum Sanayi |
| Gentas Genel vs. Sodas Sodyum Sanayi | Gentas Genel vs. Silverline Endustri ve | Gentas Genel vs. KOC METALURJI | Gentas Genel vs. Koza Anadolu Metal |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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