Correlation Between Iskenderun Demir and Ayes Celik
Can any of the company-specific risk be diversified away by investing in both Iskenderun Demir and Ayes Celik 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 Iskenderun Demir and Ayes Celik into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Iskenderun Demir ve and Ayes Celik Hasir, you can compare the effects of market volatilities on Iskenderun Demir and Ayes Celik 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 Iskenderun Demir with a short position of Ayes Celik. Check out your portfolio center. Please also check ongoing floating volatility patterns of Iskenderun Demir and Ayes Celik.
Diversification Opportunities for Iskenderun Demir and Ayes Celik
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Iskenderun and Ayes is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Iskenderun Demir ve and Ayes Celik Hasir in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ayes Celik Hasir and Iskenderun Demir 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 Iskenderun Demir ve are associated (or correlated) with Ayes Celik. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ayes Celik Hasir has no effect on the direction of Iskenderun Demir i.e., Iskenderun Demir and Ayes Celik go up and down completely randomly.
Pair Corralation between Iskenderun Demir and Ayes Celik
Assuming the 90 days trading horizon Iskenderun Demir ve is expected to generate 0.86 times more return on investment than Ayes Celik. However, Iskenderun Demir ve is 1.16 times less risky than Ayes Celik. It trades about 0.21 of its potential returns per unit of risk. Ayes Celik Hasir is currently generating about -0.23 per unit of risk. If you would invest 3,600 in Iskenderun Demir ve on September 2, 2024 and sell it today you would earn a total of 246.00 from holding Iskenderun Demir ve or generate 6.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Iskenderun Demir ve vs. Ayes Celik Hasir
Performance |
| Timeline |
| Iskenderun Demir |
| Ayes Celik Hasir |
Iskenderun Demir and Ayes Celik Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Iskenderun Demir and Ayes Celik
The main advantage of trading using opposite Iskenderun Demir and Ayes Celik positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Iskenderun Demir position performs unexpectedly, Ayes Celik 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 Ayes Celik will offset losses from the drop in Ayes Celik's long position.| Iskenderun Demir vs. Gentas Genel Metal | Iskenderun Demir vs. Creditwest Faktoring AS | Iskenderun Demir vs. Turkiye Kalkinma Bankasi | Iskenderun Demir vs. Cuhadaroglu Metal Sanayi |
| Ayes Celik vs. Eregli Demir ve | Ayes Celik vs. Iskenderun Demir ve | Ayes Celik vs. Borusan Yatirim ve | Ayes Celik vs. Kardemir Karabuk Demir |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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