Correlation Between E Data and Oyak Cimento
Can any of the company-specific risk be diversified away by investing in both E Data and Oyak 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 Oyak 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 Oyak Cimento Fabrikalari, you can compare the effects of market volatilities on E Data and Oyak 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 Oyak Cimento. Check out your portfolio center. Please also check ongoing floating volatility patterns of E Data and Oyak Cimento.
Diversification Opportunities for E Data and Oyak Cimento
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between EDATA and Oyak is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding E Data Teknoloji Pazarlama and Oyak Cimento Fabrikalari in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oyak Cimento Fabrikalari 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 Oyak Cimento. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oyak Cimento Fabrikalari has no effect on the direction of E Data i.e., E Data and Oyak Cimento go up and down completely randomly.
Pair Corralation between E Data and Oyak Cimento
Assuming the 90 days trading horizon E Data Teknoloji Pazarlama is expected to under-perform the Oyak Cimento. But the stock apears to be less risky and, when comparing its historical volatility, E Data Teknoloji Pazarlama is 1.15 times less risky than Oyak Cimento. The stock trades about -0.12 of its potential returns per unit of risk. The Oyak Cimento Fabrikalari is currently generating about 0.49 of returns per unit of risk over similar time horizon. If you would invest 5,840 in Oyak Cimento Fabrikalari on September 3, 2024 and sell it today you would earn a total of 1,400 from holding Oyak Cimento Fabrikalari or generate 23.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
E Data Teknoloji Pazarlama vs. Oyak Cimento Fabrikalari
Performance |
| Timeline |
| E Data Teknoloji |
| Oyak Cimento Fabrikalari |
E Data and Oyak Cimento Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with E Data and Oyak Cimento
The main advantage of trading using opposite E Data and Oyak Cimento positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if E Data position performs unexpectedly, Oyak 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 Oyak Cimento will offset losses from the drop in Oyak Cimento's long position.| E Data vs. MEGA METAL | E Data vs. Silverline Endustri ve | E Data vs. Cuhadaroglu Metal Sanayi | E Data vs. Turkish Airlines |
| Oyak Cimento vs. ICBC Turkey Bank | Oyak Cimento vs. Mackolik Internet Hizmetleri | Oyak Cimento vs. Politeknik Metal Sanayi | Oyak Cimento vs. E Data Teknoloji Pazarlama |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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