Correlation Between Koza Altin and Gubre Fabrikalari
Can any of the company-specific risk be diversified away by investing in both Koza Altin and Gubre Fabrikalari 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 Altin and Gubre Fabrikalari into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Koza Altin Isletmeleri and Gubre Fabrikalari TAS, you can compare the effects of market volatilities on Koza Altin and Gubre Fabrikalari 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 Altin with a short position of Gubre Fabrikalari. Check out your portfolio center. Please also check ongoing floating volatility patterns of Koza Altin and Gubre Fabrikalari.
Diversification Opportunities for Koza Altin and Gubre Fabrikalari
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Koza and Gubre is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Koza Altin Isletmeleri and Gubre Fabrikalari TAS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gubre Fabrikalari TAS and Koza Altin 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 Altin Isletmeleri are associated (or correlated) with Gubre Fabrikalari. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gubre Fabrikalari TAS has no effect on the direction of Koza Altin i.e., Koza Altin and Gubre Fabrikalari go up and down completely randomly.
Pair Corralation between Koza Altin and Gubre Fabrikalari
Assuming the 90 days trading horizon Koza Altin is expected to generate 1.44 times less return on investment than Gubre Fabrikalari. In addition to that, Koza Altin is 1.28 times more volatile than Gubre Fabrikalari TAS. It trades about 0.25 of its total potential returns per unit of risk. Gubre Fabrikalari TAS is currently generating about 0.46 per unit of volatility. If you would invest 21,220 in Gubre Fabrikalari TAS on September 12, 2024 and sell it today you would earn a total of 5,605 from holding Gubre Fabrikalari TAS or generate 26.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Koza Altin Isletmeleri vs. Gubre Fabrikalari TAS
Performance |
| Timeline |
| Koza Altin Isletmeleri |
| Gubre Fabrikalari TAS |
Koza Altin and Gubre Fabrikalari Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Koza Altin and Gubre Fabrikalari
The main advantage of trading using opposite Koza Altin and Gubre Fabrikalari positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Koza Altin position performs unexpectedly, Gubre Fabrikalari 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 Gubre Fabrikalari will offset losses from the drop in Gubre Fabrikalari's long position.| Koza Altin vs. Ayes Celik Hasir | Koza Altin vs. Trend Gayrimenkul Yatirim | Koza Altin vs. Ege Endustri ve | Koza Altin vs. Alarko Carrier Sanayi |
| Gubre Fabrikalari vs. SASA Polyester Sanayi | Gubre Fabrikalari vs. Koza Altin Isletmeleri | Gubre Fabrikalari vs. Kardemir Karabuk Demir | Gubre Fabrikalari vs. Hektas Ticaret TAS |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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