Correlation Between Turkiye Kalkinma and Nurol Gayrimenkul
Can any of the company-specific risk be diversified away by investing in both Turkiye Kalkinma and Nurol 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 Turkiye Kalkinma and Nurol Gayrimenkul into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Turkiye Kalkinma Bankasi and Nurol Gayrimenkul Yatirim, you can compare the effects of market volatilities on Turkiye Kalkinma and Nurol 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 Turkiye Kalkinma with a short position of Nurol Gayrimenkul. Check out your portfolio center. Please also check ongoing floating volatility patterns of Turkiye Kalkinma and Nurol Gayrimenkul.
Diversification Opportunities for Turkiye Kalkinma and Nurol Gayrimenkul
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Turkiye and Nurol is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Turkiye Kalkinma Bankasi and Nurol Gayrimenkul Yatirim in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nurol Gayrimenkul Yatirim and Turkiye Kalkinma 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 Turkiye Kalkinma Bankasi are associated (or correlated) with Nurol Gayrimenkul. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nurol Gayrimenkul Yatirim has no effect on the direction of Turkiye Kalkinma i.e., Turkiye Kalkinma and Nurol Gayrimenkul go up and down completely randomly.
Pair Corralation between Turkiye Kalkinma and Nurol Gayrimenkul
Assuming the 90 days trading horizon Turkiye Kalkinma Bankasi is expected to under-perform the Nurol Gayrimenkul. But the stock apears to be less risky and, when comparing its historical volatility, Turkiye Kalkinma Bankasi is 1.47 times less risky than Nurol Gayrimenkul. The stock trades about -0.1 of its potential returns per unit of risk. The Nurol Gayrimenkul Yatirim is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 702.00 in Nurol Gayrimenkul Yatirim on October 30, 2024 and sell it today you would earn a total of 64.00 from holding Nurol Gayrimenkul Yatirim or generate 9.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 98.44% |
| Values | Daily Returns |
Turkiye Kalkinma Bankasi vs. Nurol Gayrimenkul Yatirim
Performance |
| Timeline |
| Turkiye Kalkinma Bankasi |
| Nurol Gayrimenkul Yatirim |
Turkiye Kalkinma and Nurol Gayrimenkul Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Turkiye Kalkinma and Nurol Gayrimenkul
The main advantage of trading using opposite Turkiye Kalkinma and Nurol Gayrimenkul positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Turkiye Kalkinma position performs unexpectedly, Nurol 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 Nurol Gayrimenkul will offset losses from the drop in Nurol Gayrimenkul's long position.| Turkiye Kalkinma vs. Turkiye Vakiflar Bankasi | Turkiye Kalkinma vs. Turkiye Halk Bankasi | Turkiye Kalkinma vs. Turkiye Sinai Kalkinma | Turkiye Kalkinma vs. ENKA Insaat ve |
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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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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