Correlation Between Cuhadaroglu Metal and BIST Electricity
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By analyzing existing cross correlation between Cuhadaroglu Metal Sanayi and BIST Electricity, you can compare the effects of market volatilities on Cuhadaroglu Metal and BIST Electricity 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 Cuhadaroglu Metal with a short position of BIST Electricity. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cuhadaroglu Metal and BIST Electricity.
Diversification Opportunities for Cuhadaroglu Metal and BIST Electricity
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Cuhadaroglu and BIST is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Cuhadaroglu Metal Sanayi and BIST Electricity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BIST Electricity and Cuhadaroglu Metal 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 Cuhadaroglu Metal Sanayi are associated (or correlated) with BIST Electricity. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BIST Electricity has no effect on the direction of Cuhadaroglu Metal i.e., Cuhadaroglu Metal and BIST Electricity go up and down completely randomly.
Pair Corralation between Cuhadaroglu Metal and BIST Electricity
Assuming the 90 days trading horizon Cuhadaroglu Metal Sanayi is expected to under-perform the BIST Electricity. In addition to that, Cuhadaroglu Metal is 1.87 times more volatile than BIST Electricity. It trades about -0.42 of its total potential returns per unit of risk. BIST Electricity is currently generating about -0.22 per unit of volatility. If you would invest 52,422 in BIST Electricity on November 4, 2024 and sell it today you would lose (2,574) from holding BIST Electricity or give up 4.91% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cuhadaroglu Metal Sanayi vs. BIST Electricity
Performance |
| Timeline |
Cuhadaroglu Metal and BIST Electricity Volatility Contrast
Predicted Return Density |
| Returns |
Cuhadaroglu Metal Sanayi
Pair trading matchups for Cuhadaroglu Metal
BIST Electricity
Pair trading matchups for BIST Electricity
Pair Trading with Cuhadaroglu Metal and BIST Electricity
The main advantage of trading using opposite Cuhadaroglu Metal and BIST Electricity positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cuhadaroglu Metal position performs unexpectedly, BIST Electricity 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 BIST Electricity will offset losses from the drop in BIST Electricity's long position.| Cuhadaroglu Metal vs. Akbank TAS | Cuhadaroglu Metal vs. Turkiye Garanti Bankasi | Cuhadaroglu Metal vs. Yapi ve Kredi | Cuhadaroglu Metal vs. Turkiye Petrol Rafinerileri |
| BIST Electricity vs. MEGA METAL | BIST Electricity vs. Bms Birlesik Metal | BIST Electricity vs. Politeknik Metal Sanayi | BIST Electricity vs. Cuhadaroglu Metal Sanayi |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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