Correlation Between ICBC Turkey and Mackolik Internet
Can any of the company-specific risk be diversified away by investing in both ICBC Turkey and Mackolik Internet 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 Mackolik Internet 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 Mackolik Internet Hizmetleri, you can compare the effects of market volatilities on ICBC Turkey and Mackolik Internet 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 Mackolik Internet. Check out your portfolio center. Please also check ongoing floating volatility patterns of ICBC Turkey and Mackolik Internet.
Diversification Opportunities for ICBC Turkey and Mackolik Internet
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between ICBC and Mackolik is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding ICBC Turkey Bank and Mackolik Internet Hizmetleri in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mackolik Internet 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 Mackolik Internet. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mackolik Internet has no effect on the direction of ICBC Turkey i.e., ICBC Turkey and Mackolik Internet go up and down completely randomly.
Pair Corralation between ICBC Turkey and Mackolik Internet
Assuming the 90 days trading horizon ICBC Turkey Bank is expected to under-perform the Mackolik Internet. But the stock apears to be less risky and, when comparing its historical volatility, ICBC Turkey Bank is 1.27 times less risky than Mackolik Internet. The stock trades about -0.12 of its potential returns per unit of risk. The Mackolik Internet Hizmetleri is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 10,480 in Mackolik Internet Hizmetleri on November 3, 2024 and sell it today you would earn a total of 430.00 from holding Mackolik Internet Hizmetleri or generate 4.1% 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. Mackolik Internet Hizmetleri
Performance |
| Timeline |
| ICBC Turkey Bank |
| Mackolik Internet |
ICBC Turkey and Mackolik Internet Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ICBC Turkey and Mackolik Internet
The main advantage of trading using opposite ICBC Turkey and Mackolik Internet positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ICBC Turkey position performs unexpectedly, Mackolik Internet 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 Mackolik Internet will offset losses from the drop in Mackolik Internet's long position.| ICBC Turkey vs. KOC METALURJI | ICBC Turkey vs. Bms Birlesik Metal | ICBC Turkey vs. Turkish Airlines | ICBC Turkey vs. Akcansa Cimento Sanayi |
| Mackolik Internet vs. Koza Anadolu Metal | Mackolik Internet vs. Gentas Genel Metal | Mackolik Internet vs. Trabzonspor Sportif Yatirim | Mackolik Internet 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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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