Correlation Between Koza Anadolu and QNB Finans
Can any of the company-specific risk be diversified away by investing in both Koza Anadolu and QNB Finans 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 Koza Anadolu and QNB Finans into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Koza Anadolu Metal and QNB Finans Finansal, you can compare the effects of market volatilities on Koza Anadolu and QNB Finans 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 Koza Anadolu with a short position of QNB Finans. Check out your portfolio center. Please also check ongoing floating volatility patterns of Koza Anadolu and QNB Finans.
Diversification Opportunities for Koza Anadolu and QNB Finans
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between Koza and QNB is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding Koza Anadolu Metal and QNB Finans Finansal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on QNB Finans Finansal and Koza Anadolu 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 Koza Anadolu Metal are associated (or correlated) with QNB Finans. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of QNB Finans Finansal has no effect on the direction of Koza Anadolu i.e., Koza Anadolu and QNB Finans go up and down completely randomly.
Pair Corralation between Koza Anadolu and QNB Finans
Assuming the 90 days trading horizon Koza Anadolu Metal is expected to generate 0.96 times more return on investment than QNB Finans. However, Koza Anadolu Metal is 1.05 times less risky than QNB Finans. It trades about 0.39 of its potential returns per unit of risk. QNB Finans Finansal is currently generating about -0.08 per unit of risk. If you would invest 6,100 in Koza Anadolu Metal on August 27, 2024 and sell it today you would earn a total of 1,415 from holding Koza Anadolu Metal or generate 23.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Koza Anadolu Metal vs. QNB Finans Finansal
Performance |
| Timeline |
| Koza Anadolu Metal |
| QNB Finans Finansal |
Koza Anadolu and QNB Finans Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Koza Anadolu and QNB Finans
The main advantage of trading using opposite Koza Anadolu and QNB Finans positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Koza Anadolu position performs unexpectedly, QNB Finans 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 QNB Finans will offset losses from the drop in QNB Finans' long position.| Koza Anadolu vs. Qnb Finansbank AS | Koza Anadolu vs. QNB Finans Finansal | Koza Anadolu vs. Turkiye Kalkinma Bankasi | Koza Anadolu vs. Kocaer Celik Sanayi |
| QNB Finans vs. Galatasaray Sportif Sinai | QNB Finans vs. Creditwest Faktoring AS | QNB Finans vs. Trabzonspor Sportif Yatirim | QNB Finans vs. Koza Anadolu Metal |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
Other Complementary Tools
| Stocks Directory Find actively traded stocks across global markets | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Money Managers Screen money managers from public funds and ETFs managed around the world |