Correlation Between Gentas Genel and Pinar Entegre
Can any of the company-specific risk be diversified away by investing in both Gentas Genel and Pinar Entegre 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 Pinar Entegre 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 Pinar Entegre Et, you can compare the effects of market volatilities on Gentas Genel and Pinar Entegre 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 Pinar Entegre. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gentas Genel and Pinar Entegre.
Diversification Opportunities for Gentas Genel and Pinar Entegre
-0.6 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Gentas and Pinar is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding Gentas Genel Metal and Pinar Entegre Et in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pinar Entegre Et 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 Pinar Entegre. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pinar Entegre Et has no effect on the direction of Gentas Genel i.e., Gentas Genel and Pinar Entegre go up and down completely randomly.
Pair Corralation between Gentas Genel and Pinar Entegre
Assuming the 90 days trading horizon Gentas Genel Metal is expected to generate 2.14 times more return on investment than Pinar Entegre. However, Gentas Genel is 2.14 times more volatile than Pinar Entegre Et. It trades about 0.19 of its potential returns per unit of risk. Pinar Entegre Et is currently generating about -0.16 per unit of risk. If you would invest 1,137 in Gentas Genel Metal on November 28, 2024 and sell it today you would earn a total of 141.00 from holding Gentas Genel Metal or generate 12.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Gentas Genel Metal vs. Pinar Entegre Et
Performance |
| Timeline |
| Gentas Genel Metal |
| Pinar Entegre Et |
Gentas Genel and Pinar Entegre Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gentas Genel and Pinar Entegre
The main advantage of trading using opposite Gentas Genel and Pinar Entegre positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gentas Genel position performs unexpectedly, Pinar Entegre 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 Pinar Entegre will offset losses from the drop in Pinar Entegre's long position.| Gentas Genel vs. MEGA METAL | Gentas Genel vs. Creditwest Faktoring AS | Gentas Genel vs. Datagate Bilgisayar Malzemeleri | Gentas Genel vs. KOC METALURJI |
| Pinar Entegre vs. Sodas Sodyum Sanayi | Pinar Entegre vs. KOC METALURJI | Pinar Entegre vs. Politeknik Metal Sanayi | Pinar Entegre vs. Sekerbank TAS |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum |