Correlation Between Koza Anadolu and Turkish Airlines
Can any of the company-specific risk be diversified away by investing in both Koza Anadolu and Turkish Airlines 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 Turkish Airlines 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 Turkish Airlines, you can compare the effects of market volatilities on Koza Anadolu and Turkish Airlines 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 Turkish Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Koza Anadolu and Turkish Airlines.
Diversification Opportunities for Koza Anadolu and Turkish Airlines
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Koza and Turkish is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Koza Anadolu Metal and Turkish Airlines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Turkish Airlines 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 Turkish Airlines. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Turkish Airlines has no effect on the direction of Koza Anadolu i.e., Koza Anadolu and Turkish Airlines go up and down completely randomly.
Pair Corralation between Koza Anadolu and Turkish Airlines
Assuming the 90 days trading horizon Koza Anadolu is expected to generate 1.38 times less return on investment than Turkish Airlines. In addition to that, Koza Anadolu is 1.37 times more volatile than Turkish Airlines. It trades about 0.04 of its total potential returns per unit of risk. Turkish Airlines is currently generating about 0.08 per unit of volatility. If you would invest 13,580 in Turkish Airlines on December 2, 2024 and sell it today you would earn a total of 17,245 from holding Turkish Airlines or generate 126.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Koza Anadolu Metal vs. Turkish Airlines
Performance |
| Timeline |
| Koza Anadolu Metal |
| Turkish Airlines |
Koza Anadolu and Turkish Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Koza Anadolu and Turkish Airlines
The main advantage of trading using opposite Koza Anadolu and Turkish Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Koza Anadolu position performs unexpectedly, Turkish Airlines 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 Turkish Airlines will offset losses from the drop in Turkish Airlines' long position.| Koza Anadolu vs. Koza Altin Isletmeleri | ||
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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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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