Correlation Between ICBC Turkey and Akis Gayrimenkul
Can any of the company-specific risk be diversified away by investing in both ICBC Turkey and Akis Gayrimenkul 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 ICBC Turkey and Akis Gayrimenkul into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ICBC Turkey Bank and Akis Gayrimenkul Yatirim, you can compare the effects of market volatilities on ICBC Turkey and Akis Gayrimenkul 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 ICBC Turkey with a short position of Akis Gayrimenkul. Check out your portfolio center. Please also check ongoing floating volatility patterns of ICBC Turkey and Akis Gayrimenkul.
Diversification Opportunities for ICBC Turkey and Akis Gayrimenkul
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between ICBC and Akis is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding ICBC Turkey Bank and Akis Gayrimenkul Yatirim in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Akis Gayrimenkul Yatirim and ICBC Turkey 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 ICBC Turkey Bank are associated (or correlated) with Akis Gayrimenkul. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Akis Gayrimenkul Yatirim has no effect on the direction of ICBC Turkey i.e., ICBC Turkey and Akis Gayrimenkul go up and down completely randomly.
Pair Corralation between ICBC Turkey and Akis Gayrimenkul
Assuming the 90 days trading horizon ICBC Turkey is expected to generate 3.82 times less return on investment than Akis Gayrimenkul. But when comparing it to its historical volatility, ICBC Turkey Bank is 2.89 times less risky than Akis Gayrimenkul. It trades about 0.04 of its potential returns per unit of risk. Akis Gayrimenkul Yatirim is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 250.00 in Akis Gayrimenkul Yatirim on September 3, 2024 and sell it today you would earn a total of 458.00 from holding Akis Gayrimenkul Yatirim or generate 183.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
ICBC Turkey Bank vs. Akis Gayrimenkul Yatirim
Performance |
| Timeline |
| ICBC Turkey Bank |
| Akis Gayrimenkul Yatirim |
ICBC Turkey and Akis Gayrimenkul Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ICBC Turkey and Akis Gayrimenkul
The main advantage of trading using opposite ICBC Turkey and Akis Gayrimenkul positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ICBC Turkey position performs unexpectedly, Akis Gayrimenkul 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 Akis Gayrimenkul will offset losses from the drop in Akis Gayrimenkul's long position.| ICBC Turkey vs. Desa Deri Sanayi | ICBC Turkey vs. Tumosan Motor ve | ICBC Turkey vs. Ihlas Gazetecilik AS | ICBC Turkey vs. Kuyas Yatirim AS |
| Akis Gayrimenkul vs. Gentas Genel Metal | Akis Gayrimenkul vs. Politeknik Metal Sanayi | Akis Gayrimenkul vs. ICBC Turkey Bank | Akis Gayrimenkul vs. Sodas Sodyum Sanayi |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
Other Complementary Tools
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios |