Correlation Between Dogus Gayrimenkul and Aksa Enerji
Can any of the company-specific risk be diversified away by investing in both Dogus Gayrimenkul and Aksa Enerji 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 Dogus Gayrimenkul and Aksa Enerji into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Dogus Gayrimenkul Yatirim and Aksa Enerji Uretim, you can compare the effects of market volatilities on Dogus Gayrimenkul and Aksa Enerji 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 Dogus Gayrimenkul with a short position of Aksa Enerji. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dogus Gayrimenkul and Aksa Enerji.
Diversification Opportunities for Dogus Gayrimenkul and Aksa Enerji
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Dogus and Aksa is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding Dogus Gayrimenkul Yatirim and Aksa Enerji Uretim in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aksa Enerji Uretim and Dogus Gayrimenkul 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 Dogus Gayrimenkul Yatirim are associated (or correlated) with Aksa Enerji. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aksa Enerji Uretim has no effect on the direction of Dogus Gayrimenkul i.e., Dogus Gayrimenkul and Aksa Enerji go up and down completely randomly.
Pair Corralation between Dogus Gayrimenkul and Aksa Enerji
Assuming the 90 days trading horizon Dogus Gayrimenkul Yatirim is expected to generate 1.43 times more return on investment than Aksa Enerji. However, Dogus Gayrimenkul is 1.43 times more volatile than Aksa Enerji Uretim. It trades about 0.05 of its potential returns per unit of risk. Aksa Enerji Uretim is currently generating about 0.02 per unit of risk. If you would invest 2,602 in Dogus Gayrimenkul Yatirim on August 31, 2024 and sell it today you would earn a total of 1,416 from holding Dogus Gayrimenkul Yatirim or generate 54.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Dogus Gayrimenkul Yatirim vs. Aksa Enerji Uretim
Performance |
| Timeline |
| Dogus Gayrimenkul Yatirim |
| Aksa Enerji Uretim |
Dogus Gayrimenkul and Aksa Enerji Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dogus Gayrimenkul and Aksa Enerji
The main advantage of trading using opposite Dogus Gayrimenkul and Aksa Enerji positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dogus Gayrimenkul position performs unexpectedly, Aksa Enerji 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 Aksa Enerji will offset losses from the drop in Aksa Enerji's long position.| Dogus Gayrimenkul vs. MEGA METAL | Dogus Gayrimenkul vs. Gentas Genel Metal | Dogus Gayrimenkul vs. Politeknik Metal Sanayi | Dogus Gayrimenkul vs. Bms Birlesik Metal |
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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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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