Correlation Between Turkiye Kalkinma and Tumosan
Can any of the company-specific risk be diversified away by investing in both Turkiye Kalkinma and Tumosan 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 Tumosan 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 Tumosan Motor ve, you can compare the effects of market volatilities on Turkiye Kalkinma and Tumosan 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 Tumosan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Turkiye Kalkinma and Tumosan.
Diversification Opportunities for Turkiye Kalkinma and Tumosan
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Turkiye and Tumosan is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding Turkiye Kalkinma Bankasi and Tumosan Motor ve in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tumosan Motor ve 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 Tumosan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tumosan Motor ve has no effect on the direction of Turkiye Kalkinma i.e., Turkiye Kalkinma and Tumosan go up and down completely randomly.
Pair Corralation between Turkiye Kalkinma and Tumosan
Assuming the 90 days trading horizon Turkiye Kalkinma Bankasi is expected to under-perform the Tumosan. But the stock apears to be less risky and, when comparing its historical volatility, Turkiye Kalkinma Bankasi is 1.73 times less risky than Tumosan. The stock trades about -0.08 of its potential returns per unit of risk. The Tumosan Motor ve is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 11,590 in Tumosan Motor ve on October 21, 2024 and sell it today you would earn a total of 270.00 from holding Tumosan Motor ve or generate 2.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Turkiye Kalkinma Bankasi vs. Tumosan Motor ve
Performance |
| Timeline |
| Turkiye Kalkinma Bankasi |
| Tumosan Motor ve |
Turkiye Kalkinma and Tumosan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Turkiye Kalkinma and Tumosan
The main advantage of trading using opposite Turkiye Kalkinma and Tumosan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Turkiye Kalkinma position performs unexpectedly, Tumosan 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 Tumosan will offset losses from the drop in Tumosan's long position.| Turkiye Kalkinma vs. Turkiye Vakiflar Bankasi | Turkiye Kalkinma vs. Turkiye Halk Bankasi | Turkiye Kalkinma vs. ENKA Insaat ve | Turkiye Kalkinma vs. Brisa Bridgestone Sabanci |
| Tumosan vs. Turkiye Kalkinma Bankasi | Tumosan vs. ICBC Turkey Bank | Tumosan vs. Cuhadaroglu Metal Sanayi | Tumosan vs. Mackolik Internet Hizmetleri |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
Other Complementary Tools
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules |