Correlation Between KOC METALURJI and BIST GIDA
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By analyzing existing cross correlation between KOC METALURJI and BIST GIDA ICECEK, you can compare the effects of market volatilities on KOC METALURJI and BIST GIDA 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 BIST GIDA. Check out your portfolio center. Please also check ongoing floating volatility patterns of KOC METALURJI and BIST GIDA.
Diversification Opportunities for KOC METALURJI and BIST GIDA
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between KOC and BIST is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding KOC METALURJI and BIST GIDA ICECEK in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BIST GIDA ICECEK 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 BIST GIDA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BIST GIDA ICECEK has no effect on the direction of KOC METALURJI i.e., KOC METALURJI and BIST GIDA go up and down completely randomly.
Pair Corralation between KOC METALURJI and BIST GIDA
Assuming the 90 days trading horizon KOC METALURJI is expected to under-perform the BIST GIDA. In addition to that, KOC METALURJI is 2.01 times more volatile than BIST GIDA ICECEK. It trades about -0.22 of its total potential returns per unit of risk. BIST GIDA ICECEK is currently generating about -0.09 per unit of volatility. If you would invest 1,133,878 in BIST GIDA ICECEK on November 4, 2024 and sell it today you would lose (27,573) from holding BIST GIDA ICECEK or give up 2.43% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
KOC METALURJI vs. BIST GIDA ICECEK
Performance |
| Timeline |
KOC METALURJI and BIST GIDA Volatility Contrast
Predicted Return Density |
| Returns |
KOC METALURJI
Pair trading matchups for KOC METALURJI
BIST GIDA ICECEK
Pair trading matchups for BIST GIDA
Pair Trading with KOC METALURJI and BIST GIDA
The main advantage of trading using opposite KOC METALURJI and BIST GIDA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if KOC METALURJI position performs unexpectedly, BIST GIDA 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 BIST GIDA will offset losses from the drop in BIST GIDA's long position.| KOC METALURJI vs. Gentas Genel Metal | KOC METALURJI vs. Bms Birlesik Metal | KOC METALURJI vs. Sekerbank TAS | KOC METALURJI vs. MEGA METAL |
| BIST GIDA vs. Borlease Otomotiv AS | BIST GIDA vs. Cuhadaroglu Metal Sanayi | BIST GIDA vs. Turkiye Kalkinma Bankasi | BIST GIDA vs. Politeknik Metal Sanayi |
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.
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