Correlation Between E Data and Creditwest Faktoring
Can any of the company-specific risk be diversified away by investing in both E Data and Creditwest Faktoring 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 Creditwest Faktoring 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 Creditwest Faktoring AS, you can compare the effects of market volatilities on E Data and Creditwest Faktoring 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 Creditwest Faktoring. Check out your portfolio center. Please also check ongoing floating volatility patterns of E Data and Creditwest Faktoring.
Diversification Opportunities for E Data and Creditwest Faktoring
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between EDATA and Creditwest is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding E Data Teknoloji Pazarlama and Creditwest Faktoring AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Creditwest Faktoring 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 Creditwest Faktoring. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Creditwest Faktoring has no effect on the direction of E Data i.e., E Data and Creditwest Faktoring go up and down completely randomly.
Pair Corralation between E Data and Creditwest Faktoring
Assuming the 90 days trading horizon E Data Teknoloji Pazarlama is expected to generate 1.33 times more return on investment than Creditwest Faktoring. However, E Data is 1.33 times more volatile than Creditwest Faktoring AS. It trades about -0.04 of its potential returns per unit of risk. Creditwest Faktoring AS is currently generating about -0.07 per unit of risk. If you would invest 1,355 in E Data Teknoloji Pazarlama on October 20, 2024 and sell it today you would lose (27.00) from holding E Data Teknoloji Pazarlama or give up 1.99% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
E Data Teknoloji Pazarlama vs. Creditwest Faktoring AS
Performance |
| Timeline |
| E Data Teknoloji |
| Creditwest Faktoring |
E Data and Creditwest Faktoring Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with E Data and Creditwest Faktoring
The main advantage of trading using opposite E Data and Creditwest Faktoring positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if E Data position performs unexpectedly, Creditwest Faktoring 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 Creditwest Faktoring will offset losses from the drop in Creditwest Faktoring's long position.| E Data vs. CEO Event Medya | E Data vs. Trabzonspor Sportif Yatirim | E Data vs. Sodas Sodyum Sanayi | E Data vs. Akcansa Cimento Sanayi |
| Creditwest Faktoring vs. Turkiye Kalkinma Bankasi | Creditwest Faktoring vs. Borlease Otomotiv AS | Creditwest Faktoring vs. Gentas Genel Metal | Creditwest Faktoring vs. Trabzonspor Sportif 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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
Other Complementary Tools
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas |