Correlation Between MMC Sanayi and Tukas Gida
Can any of the company-specific risk be diversified away by investing in both MMC Sanayi and Tukas Gida 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 MMC Sanayi and Tukas Gida into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between MMC Sanayi ve and Tukas Gida Sanayi, you can compare the effects of market volatilities on MMC Sanayi and Tukas 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 MMC Sanayi with a short position of Tukas Gida. Check out your portfolio center. Please also check ongoing floating volatility patterns of MMC Sanayi and Tukas Gida.
Diversification Opportunities for MMC Sanayi and Tukas Gida
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between MMC and Tukas is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding MMC Sanayi ve and Tukas Gida Sanayi in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tukas Gida Sanayi and MMC Sanayi 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 MMC Sanayi ve are associated (or correlated) with Tukas Gida. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tukas Gida Sanayi has no effect on the direction of MMC Sanayi i.e., MMC Sanayi and Tukas Gida go up and down completely randomly.
Pair Corralation between MMC Sanayi and Tukas Gida
Assuming the 90 days trading horizon MMC Sanayi ve is expected to under-perform the Tukas Gida. In addition to that, MMC Sanayi is 2.0 times more volatile than Tukas Gida Sanayi. It trades about -0.26 of its total potential returns per unit of risk. Tukas Gida Sanayi is currently generating about 0.08 per unit of volatility. If you would invest 659.00 in Tukas Gida Sanayi on August 30, 2024 and sell it today you would earn a total of 17.00 from holding Tukas Gida Sanayi or generate 2.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
MMC Sanayi ve vs. Tukas Gida Sanayi
Performance |
| Timeline |
| MMC Sanayi ve |
| Tukas Gida Sanayi |
MMC Sanayi and Tukas Gida Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MMC Sanayi and Tukas Gida
The main advantage of trading using opposite MMC Sanayi and Tukas Gida positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MMC Sanayi position performs unexpectedly, Tukas 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 Tukas Gida will offset losses from the drop in Tukas Gida's long position.| MMC Sanayi vs. Bms Birlesik Metal | MMC Sanayi vs. Koza Anadolu Metal | MMC Sanayi vs. MEGA METAL | MMC Sanayi vs. Borlease Otomotiv AS |
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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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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