Correlation Between Mackolik Internet and Eminis Ambalaj
Can any of the company-specific risk be diversified away by investing in both Mackolik Internet and Eminis Ambalaj 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 Mackolik Internet and Eminis Ambalaj into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mackolik Internet Hizmetleri and Eminis Ambalaj Sanayi, you can compare the effects of market volatilities on Mackolik Internet and Eminis Ambalaj 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 Mackolik Internet with a short position of Eminis Ambalaj. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mackolik Internet and Eminis Ambalaj.
Diversification Opportunities for Mackolik Internet and Eminis Ambalaj
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Mackolik and Eminis is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Mackolik Internet Hizmetleri and Eminis Ambalaj Sanayi in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eminis Ambalaj Sanayi and Mackolik Internet 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 Mackolik Internet Hizmetleri are associated (or correlated) with Eminis Ambalaj. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eminis Ambalaj Sanayi has no effect on the direction of Mackolik Internet i.e., Mackolik Internet and Eminis Ambalaj go up and down completely randomly.
Pair Corralation between Mackolik Internet and Eminis Ambalaj
Assuming the 90 days trading horizon Mackolik Internet is expected to generate 1.65 times less return on investment than Eminis Ambalaj. But when comparing it to its historical volatility, Mackolik Internet Hizmetleri is 1.52 times less risky than Eminis Ambalaj. It trades about 0.05 of its potential returns per unit of risk. Eminis Ambalaj Sanayi is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 26,600 in Eminis Ambalaj Sanayi on November 5, 2024 and sell it today you would earn a total of 700.00 from holding Eminis Ambalaj Sanayi or generate 2.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mackolik Internet Hizmetleri vs. Eminis Ambalaj Sanayi
Performance |
| Timeline |
| Mackolik Internet |
| Eminis Ambalaj Sanayi |
Mackolik Internet and Eminis Ambalaj Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mackolik Internet and Eminis Ambalaj
The main advantage of trading using opposite Mackolik Internet and Eminis Ambalaj positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mackolik Internet position performs unexpectedly, Eminis Ambalaj 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 Eminis Ambalaj will offset losses from the drop in Eminis Ambalaj's long position.| Mackolik Internet vs. Bms Birlesik Metal | Mackolik Internet vs. MEGA METAL | Mackolik Internet vs. Gentas Genel Metal | Mackolik Internet vs. Creditwest Faktoring AS |
| Eminis Ambalaj vs. E Data Teknoloji Pazarlama | Eminis Ambalaj vs. Bms Birlesik Metal | Eminis Ambalaj vs. MEGA METAL | Eminis Ambalaj vs. CEO Event Medya |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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