Correlation Between KOC METALURJI and Ata Gayrimenkul
Can any of the company-specific risk be diversified away by investing in both KOC METALURJI and Ata 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 KOC METALURJI and Ata Gayrimenkul into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between KOC METALURJI and Ata Gayrimenkul Yatirim, you can compare the effects of market volatilities on KOC METALURJI and Ata 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 KOC METALURJI with a short position of Ata Gayrimenkul. Check out your portfolio center. Please also check ongoing floating volatility patterns of KOC METALURJI and Ata Gayrimenkul.
Diversification Opportunities for KOC METALURJI and Ata Gayrimenkul
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between KOC and Ata is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding KOC METALURJI and Ata Gayrimenkul Yatirim in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ata Gayrimenkul Yatirim and KOC METALURJI 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 KOC METALURJI are associated (or correlated) with Ata Gayrimenkul. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ata Gayrimenkul Yatirim has no effect on the direction of KOC METALURJI i.e., KOC METALURJI and Ata Gayrimenkul go up and down completely randomly.
Pair Corralation between KOC METALURJI and Ata Gayrimenkul
Assuming the 90 days trading horizon KOC METALURJI is expected to under-perform the Ata Gayrimenkul. In addition to that, KOC METALURJI is 3.13 times more volatile than Ata Gayrimenkul Yatirim. It trades about -0.05 of its total potential returns per unit of risk. Ata Gayrimenkul Yatirim is currently generating about 0.01 per unit of volatility. If you would invest 1,126 in Ata Gayrimenkul Yatirim on October 24, 2024 and sell it today you would earn a total of 1.00 from holding Ata Gayrimenkul Yatirim or generate 0.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
KOC METALURJI vs. Ata Gayrimenkul Yatirim
Performance |
| Timeline |
| KOC METALURJI |
| Ata Gayrimenkul Yatirim |
KOC METALURJI and Ata Gayrimenkul Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with KOC METALURJI and Ata Gayrimenkul
The main advantage of trading using opposite KOC METALURJI and Ata Gayrimenkul positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if KOC METALURJI position performs unexpectedly, Ata 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 Ata Gayrimenkul will offset losses from the drop in Ata Gayrimenkul's long position.| KOC METALURJI vs. MEGA METAL | KOC METALURJI vs. Bms Birlesik Metal | KOC METALURJI vs. Turkiye Kalkinma Bankasi | KOC METALURJI vs. Politeknik Metal Sanayi |
| Ata Gayrimenkul vs. KOC METALURJI | Ata Gayrimenkul vs. Politeknik Metal Sanayi | Ata Gayrimenkul vs. ICBC Turkey Bank | Ata Gayrimenkul vs. Creditwest Faktoring AS |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
Other Complementary Tools
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. |