Correlation Between E Data and Imas Makina
Can any of the company-specific risk be diversified away by investing in both E Data and Imas Makina 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 Imas Makina 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 Imas Makina Sanayi, you can compare the effects of market volatilities on E Data and Imas Makina 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 Imas Makina. Check out your portfolio center. Please also check ongoing floating volatility patterns of E Data and Imas Makina.
Diversification Opportunities for E Data and Imas Makina
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between EDATA and Imas is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding E Data Teknoloji Pazarlama and Imas Makina Sanayi in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Imas Makina 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 Imas Makina. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Imas Makina Sanayi has no effect on the direction of E Data i.e., E Data and Imas Makina go up and down completely randomly.
Pair Corralation between E Data and Imas Makina
Assuming the 90 days trading horizon E Data is expected to generate 1.03 times less return on investment than Imas Makina. But when comparing it to its historical volatility, E Data Teknoloji Pazarlama is 1.61 times less risky than Imas Makina. It trades about 0.3 of its potential returns per unit of risk. Imas Makina Sanayi is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest 266.00 in Imas Makina Sanayi on September 14, 2024 and sell it today you would earn a total of 34.00 from holding Imas Makina Sanayi or generate 12.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
E Data Teknoloji Pazarlama vs. Imas Makina Sanayi
Performance |
| Timeline |
| E Data Teknoloji |
| Imas Makina Sanayi |
E Data and Imas Makina Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with E Data and Imas Makina
The main advantage of trading using opposite E Data and Imas Makina positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if E Data position performs unexpectedly, Imas Makina 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 Imas Makina will offset losses from the drop in Imas Makina's long position.| E Data vs. Silverline Endustri ve | E Data vs. Sodas Sodyum Sanayi | E Data vs. Akbank TAS | E Data vs. Mackolik Internet Hizmetleri |
| Imas Makina vs. Koza Anadolu Metal | Imas Makina vs. E Data Teknoloji Pazarlama | Imas Makina vs. Cuhadaroglu Metal Sanayi | Imas Makina vs. Creditwest Faktoring AS |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
Other Complementary Tools
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites |