Correlation Between Cimsa Cimento and Nuh Cimento
Can any of the company-specific risk be diversified away by investing in both Cimsa Cimento and Nuh Cimento 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 Cimsa Cimento and Nuh Cimento into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cimsa Cimento Sanayi and Nuh Cimento Sanayi, you can compare the effects of market volatilities on Cimsa Cimento and Nuh Cimento 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 Cimsa Cimento with a short position of Nuh Cimento. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cimsa Cimento and Nuh Cimento.
Diversification Opportunities for Cimsa Cimento and Nuh Cimento
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Cimsa and Nuh is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding Cimsa Cimento Sanayi and Nuh Cimento Sanayi in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nuh Cimento Sanayi and Cimsa Cimento 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 Cimsa Cimento Sanayi are associated (or correlated) with Nuh Cimento. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nuh Cimento Sanayi has no effect on the direction of Cimsa Cimento i.e., Cimsa Cimento and Nuh Cimento go up and down completely randomly.
Pair Corralation between Cimsa Cimento and Nuh Cimento
Assuming the 90 days trading horizon Cimsa Cimento Sanayi is expected to under-perform the Nuh Cimento. In addition to that, Cimsa Cimento is 1.25 times more volatile than Nuh Cimento Sanayi. It trades about -0.29 of its total potential returns per unit of risk. Nuh Cimento Sanayi is currently generating about -0.23 per unit of volatility. If you would invest 27,975 in Nuh Cimento Sanayi on December 1, 2024 and sell it today you would lose (2,700) from holding Nuh Cimento Sanayi or give up 9.65% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cimsa Cimento Sanayi vs. Nuh Cimento Sanayi
Performance |
| Timeline |
| Cimsa Cimento Sanayi |
| Nuh Cimento Sanayi |
Cimsa Cimento and Nuh Cimento Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cimsa Cimento and Nuh Cimento
The main advantage of trading using opposite Cimsa Cimento and Nuh Cimento positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cimsa Cimento position performs unexpectedly, Nuh Cimento 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 Nuh Cimento will offset losses from the drop in Nuh Cimento's long position.| Cimsa Cimento vs. Aksa Akrilik Kimya | Cimsa Cimento vs. Tofas Turk Otomobil | Cimsa Cimento vs. Turk Traktor ve | Cimsa Cimento vs. Kordsa Global Endustriyel |
| Nuh Cimento vs. Iskenderun Demir ve | Nuh Cimento vs. Vestel Beyaz Esya | Nuh Cimento vs. Oyak Cimento Fabrikalari | Nuh Cimento vs. Turk Traktor ve |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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