Correlation Between Galatasaray Sportif and CarrefourSA Carrefour
Can any of the company-specific risk be diversified away by investing in both Galatasaray Sportif and CarrefourSA Carrefour 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 Galatasaray Sportif and CarrefourSA Carrefour into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Galatasaray Sportif Sinai and CarrefourSA Carrefour Sabanci, you can compare the effects of market volatilities on Galatasaray Sportif and CarrefourSA Carrefour 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 Galatasaray Sportif with a short position of CarrefourSA Carrefour. Check out your portfolio center. Please also check ongoing floating volatility patterns of Galatasaray Sportif and CarrefourSA Carrefour.
Diversification Opportunities for Galatasaray Sportif and CarrefourSA Carrefour
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between Galatasaray and CarrefourSA is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding Galatasaray Sportif Sinai and CarrefourSA Carrefour Sabanci in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CarrefourSA Carrefour and Galatasaray Sportif 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 Galatasaray Sportif Sinai are associated (or correlated) with CarrefourSA Carrefour. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CarrefourSA Carrefour has no effect on the direction of Galatasaray Sportif i.e., Galatasaray Sportif and CarrefourSA Carrefour go up and down completely randomly.
Pair Corralation between Galatasaray Sportif and CarrefourSA Carrefour
Assuming the 90 days trading horizon Galatasaray Sportif Sinai is expected to under-perform the CarrefourSA Carrefour. But the stock apears to be less risky and, when comparing its historical volatility, Galatasaray Sportif Sinai is 1.03 times less risky than CarrefourSA Carrefour. The stock trades about -0.01 of its potential returns per unit of risk. The CarrefourSA Carrefour Sabanci is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 9,605 in CarrefourSA Carrefour Sabanci on September 14, 2024 and sell it today you would earn a total of 2,095 from holding CarrefourSA Carrefour Sabanci or generate 21.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.63% |
| Values | Daily Returns |
Galatasaray Sportif Sinai vs. CarrefourSA Carrefour Sabanci
Performance |
| Timeline |
| Galatasaray Sportif Sinai |
| CarrefourSA Carrefour |
Galatasaray Sportif and CarrefourSA Carrefour Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Galatasaray Sportif and CarrefourSA Carrefour
The main advantage of trading using opposite Galatasaray Sportif and CarrefourSA Carrefour positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Galatasaray Sportif position performs unexpectedly, CarrefourSA Carrefour 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 CarrefourSA Carrefour will offset losses from the drop in CarrefourSA Carrefour's long position.| Galatasaray Sportif vs. Koza Anadolu Metal | Galatasaray Sportif vs. Bms Birlesik Metal | Galatasaray Sportif vs. MEGA METAL | Galatasaray Sportif vs. Gentas Genel Metal |
| CarrefourSA Carrefour vs. MEGA METAL | CarrefourSA Carrefour vs. Akbank TAS | CarrefourSA Carrefour vs. Koza Anadolu Metal | CarrefourSA Carrefour vs. Galatasaray Sportif Sinai |
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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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