Correlation Between Gentas Genel and Marmaris Altinyunus
Can any of the company-specific risk be diversified away by investing in both Gentas Genel and Marmaris Altinyunus 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 Gentas Genel and Marmaris Altinyunus into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Gentas Genel Metal and Marmaris Altinyunus Turistik, you can compare the effects of market volatilities on Gentas Genel and Marmaris Altinyunus 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 Gentas Genel with a short position of Marmaris Altinyunus. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gentas Genel and Marmaris Altinyunus.
Diversification Opportunities for Gentas Genel and Marmaris Altinyunus
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Gentas and Marmaris is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Gentas Genel Metal and Marmaris Altinyunus Turistik in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Marmaris Altinyunus and Gentas Genel 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 Gentas Genel Metal are associated (or correlated) with Marmaris Altinyunus. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Marmaris Altinyunus has no effect on the direction of Gentas Genel i.e., Gentas Genel and Marmaris Altinyunus go up and down completely randomly.
Pair Corralation between Gentas Genel and Marmaris Altinyunus
Assuming the 90 days trading horizon Gentas Genel Metal is expected to generate 1.34 times more return on investment than Marmaris Altinyunus. However, Gentas Genel is 1.34 times more volatile than Marmaris Altinyunus Turistik. It trades about 0.29 of its potential returns per unit of risk. Marmaris Altinyunus Turistik is currently generating about -0.23 per unit of risk. If you would invest 770.00 in Gentas Genel Metal on September 4, 2024 and sell it today you would earn a total of 112.00 from holding Gentas Genel Metal or generate 14.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gentas Genel Metal vs. Marmaris Altinyunus Turistik
Performance |
| Timeline |
| Gentas Genel Metal |
| Marmaris Altinyunus |
Gentas Genel and Marmaris Altinyunus Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gentas Genel and Marmaris Altinyunus
The main advantage of trading using opposite Gentas Genel and Marmaris Altinyunus positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gentas Genel position performs unexpectedly, Marmaris Altinyunus 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 Marmaris Altinyunus will offset losses from the drop in Marmaris Altinyunus' long position.| Gentas Genel vs. Turkiye Petrol Rafinerileri | Gentas Genel vs. Arcelik AS | Gentas Genel vs. Turkiye Garanti Bankasi | Gentas Genel vs. Akbank TAS |
| Marmaris Altinyunus vs. Cuhadaroglu Metal Sanayi | Marmaris Altinyunus vs. Koza Anadolu Metal | Marmaris Altinyunus vs. Sekerbank TAS | Marmaris Altinyunus vs. MEGA METAL |
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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