Correlation Between Dogus Gayrimenkul and ENKA Insaat
Can any of the company-specific risk be diversified away by investing in both Dogus Gayrimenkul and ENKA Insaat 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 ENKA Insaat 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 ENKA Insaat ve, you can compare the effects of market volatilities on Dogus Gayrimenkul and ENKA Insaat 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 ENKA Insaat. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dogus Gayrimenkul and ENKA Insaat.
Diversification Opportunities for Dogus Gayrimenkul and ENKA Insaat
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Dogus and ENKA is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Dogus Gayrimenkul Yatirim and ENKA Insaat ve in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ENKA Insaat ve 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 ENKA Insaat. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ENKA Insaat ve has no effect on the direction of Dogus Gayrimenkul i.e., Dogus Gayrimenkul and ENKA Insaat go up and down completely randomly.
Pair Corralation between Dogus Gayrimenkul and ENKA Insaat
Assuming the 90 days trading horizon Dogus Gayrimenkul Yatirim is expected to generate 0.96 times more return on investment than ENKA Insaat. However, Dogus Gayrimenkul Yatirim is 1.04 times less risky than ENKA Insaat. It trades about 0.43 of its potential returns per unit of risk. ENKA Insaat ve is currently generating about 0.14 per unit of risk. If you would invest 3,298 in Dogus Gayrimenkul Yatirim on August 28, 2024 and sell it today you would earn a total of 948.00 from holding Dogus Gayrimenkul Yatirim or generate 28.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Dogus Gayrimenkul Yatirim vs. ENKA Insaat ve
Performance |
| Timeline |
| Dogus Gayrimenkul Yatirim |
| ENKA Insaat ve |
Dogus Gayrimenkul and ENKA Insaat Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dogus Gayrimenkul and ENKA Insaat
The main advantage of trading using opposite Dogus Gayrimenkul and ENKA Insaat positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dogus Gayrimenkul position performs unexpectedly, ENKA Insaat 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 ENKA Insaat will offset losses from the drop in ENKA Insaat's long position.| Dogus Gayrimenkul vs. Brisa Bridgestone Sabanci | Dogus Gayrimenkul vs. IZDEMIR Enerji Elektrik | Dogus Gayrimenkul vs. Margun Enerji Uretim | Dogus Gayrimenkul vs. Kent Gida Maddeleri |
| ENKA Insaat vs. QNB Finans Finansal | ENKA Insaat vs. Pamel Yenilenebilir Elektrik | ENKA Insaat vs. Brisa Bridgestone Sabanci | ENKA Insaat vs. Dogus Gayrimenkul Yatirim |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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