Correlation Between E Data and Afyon Cimento
Can any of the company-specific risk be diversified away by investing in both E Data and Afyon 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 E Data and Afyon Cimento into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between E Data Teknoloji Pazarlama and Afyon Cimento Sanayi, you can compare the effects of market volatilities on E Data and Afyon 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 E Data with a short position of Afyon Cimento. Check out your portfolio center. Please also check ongoing floating volatility patterns of E Data and Afyon Cimento.
Diversification Opportunities for E Data and Afyon Cimento
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between EDATA and Afyon is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding E Data Teknoloji Pazarlama and Afyon Cimento Sanayi in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Afyon Cimento Sanayi and E Data 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 E Data Teknoloji Pazarlama are associated (or correlated) with Afyon Cimento. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Afyon Cimento Sanayi has no effect on the direction of E Data i.e., E Data and Afyon Cimento go up and down completely randomly.
Pair Corralation between E Data and Afyon Cimento
Assuming the 90 days trading horizon E Data Teknoloji Pazarlama is expected to generate 0.67 times more return on investment than Afyon Cimento. However, E Data Teknoloji Pazarlama is 1.48 times less risky than Afyon Cimento. It trades about -0.06 of its potential returns per unit of risk. Afyon Cimento Sanayi is currently generating about -0.19 per unit of risk. If you would invest 1,406 in E Data Teknoloji Pazarlama on September 1, 2024 and sell it today you would lose (37.00) from holding E Data Teknoloji Pazarlama or give up 2.63% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
E Data Teknoloji Pazarlama vs. Afyon Cimento Sanayi
Performance |
| Timeline |
| E Data Teknoloji |
| Afyon Cimento Sanayi |
E Data and Afyon Cimento Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with E Data and Afyon Cimento
The main advantage of trading using opposite E Data and Afyon Cimento positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if E Data position performs unexpectedly, Afyon 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 Afyon Cimento will offset losses from the drop in Afyon Cimento's long position.| E Data vs. Gentas Genel Metal | E Data vs. Sodas Sodyum Sanayi | E Data vs. Bms Birlesik Metal | E Data vs. Borlease Otomotiv AS |
| Afyon Cimento vs. Trend Gayrimenkul Yatirim | Afyon Cimento vs. Trabzon Liman Isletmeciligi | Afyon Cimento vs. Halk Gayrimenkul Yatirim | Afyon Cimento vs. Inveo Yatirim Holding |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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