Correlation Between Netas Telekomunikasyon and Tukas Gida
Can any of the company-specific risk be diversified away by investing in both Netas Telekomunikasyon 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 Netas Telekomunikasyon and Tukas Gida into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Netas Telekomunikasyon AS and Tukas Gida Sanayi, you can compare the effects of market volatilities on Netas Telekomunikasyon 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 Netas Telekomunikasyon with a short position of Tukas Gida. Check out your portfolio center. Please also check ongoing floating volatility patterns of Netas Telekomunikasyon and Tukas Gida.
Diversification Opportunities for Netas Telekomunikasyon and Tukas Gida
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Netas and Tukas is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding Netas Telekomunikasyon AS 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 Netas Telekomunikasyon 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 Netas Telekomunikasyon AS 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 Netas Telekomunikasyon i.e., Netas Telekomunikasyon and Tukas Gida go up and down completely randomly.
Pair Corralation between Netas Telekomunikasyon and Tukas Gida
Assuming the 90 days trading horizon Netas Telekomunikasyon AS is expected to generate 1.58 times more return on investment than Tukas Gida. However, Netas Telekomunikasyon is 1.58 times more volatile than Tukas Gida Sanayi. It trades about -0.02 of its potential returns per unit of risk. Tukas Gida Sanayi is currently generating about -0.05 per unit of risk. If you would invest 9,500 in Netas Telekomunikasyon AS on August 27, 2024 and sell it today you would lose (2,360) from holding Netas Telekomunikasyon AS or give up 24.84% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Netas Telekomunikasyon AS vs. Tukas Gida Sanayi
Performance |
| Timeline |
| Netas Telekomunikasyon |
| Tukas Gida Sanayi |
Netas Telekomunikasyon and Tukas Gida Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Netas Telekomunikasyon and Tukas Gida
The main advantage of trading using opposite Netas Telekomunikasyon and Tukas Gida positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Netas Telekomunikasyon 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.| Netas Telekomunikasyon vs. Ege Endustri ve | Netas Telekomunikasyon vs. Turkiye Petrol Rafinerileri | Netas Telekomunikasyon vs. AG Anadolu Group | Netas Telekomunikasyon vs. Turkiye Garanti Bankasi |
| Tukas Gida vs. Gentas Genel Metal | Tukas Gida vs. Creditwest Faktoring AS | Tukas Gida vs. Turkiye Kalkinma Bankasi | Tukas Gida vs. Datagate Bilgisayar Malzemeleri |
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 CEOs Directory module to screen CEOs from public companies around the world.
Other Complementary Tools
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format |