Correlation Between Chemung Financial and Turkiye Garanti
Can any of the company-specific risk be diversified away by investing in both Chemung Financial and Turkiye Garanti 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 Chemung Financial and Turkiye Garanti into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Chemung Financial Corp and Turkiye Garanti Bankasi, you can compare the effects of market volatilities on Chemung Financial and Turkiye Garanti 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 Chemung Financial with a short position of Turkiye Garanti. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chemung Financial and Turkiye Garanti.
Diversification Opportunities for Chemung Financial and Turkiye Garanti
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Chemung and Turkiye is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Chemung Financial Corp and Turkiye Garanti Bankasi in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Turkiye Garanti Bankasi and Chemung Financial 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 Chemung Financial Corp are associated (or correlated) with Turkiye Garanti. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Turkiye Garanti Bankasi has no effect on the direction of Chemung Financial i.e., Chemung Financial and Turkiye Garanti go up and down completely randomly.
Pair Corralation between Chemung Financial and Turkiye Garanti
If you would invest 4,778 in Chemung Financial Corp on September 1, 2024 and sell it today you would earn a total of 455.00 from holding Chemung Financial Corp or generate 9.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Chemung Financial Corp vs. Turkiye Garanti Bankasi
Performance |
| Timeline |
| Chemung Financial Corp |
| Turkiye Garanti Bankasi |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Chemung Financial and Turkiye Garanti Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chemung Financial and Turkiye Garanti
The main advantage of trading using opposite Chemung Financial and Turkiye Garanti positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chemung Financial position performs unexpectedly, Turkiye Garanti 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 Turkiye Garanti will offset losses from the drop in Turkiye Garanti's long position.| Chemung Financial vs. Affinity Bancshares | Chemung Financial vs. Southern California Bancorp | Chemung Financial vs. Auburn National Bancorporation | Chemung Financial vs. BayCom Corp |
| Turkiye Garanti vs. Permanent TSB Group | Turkiye Garanti vs. Bank of Botetourt | Turkiye Garanti vs. Caixabank SA ADR | Turkiye Garanti vs. Hang Seng Bank |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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