Correlation Between Nurol Gayrimenkul and Turkiye Garanti
Can any of the company-specific risk be diversified away by investing in both Nurol Gayrimenkul and Turkiye Garanti 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 Nurol Gayrimenkul and Turkiye Garanti into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nurol Gayrimenkul Yatirim and Turkiye Garanti Bankasi, you can compare the effects of market volatilities on Nurol Gayrimenkul and Turkiye Garanti 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 Nurol Gayrimenkul with a short position of Turkiye Garanti. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nurol Gayrimenkul and Turkiye Garanti.
Diversification Opportunities for Nurol Gayrimenkul and Turkiye Garanti
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Nurol and Turkiye is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Nurol Gayrimenkul Yatirim and Turkiye Garanti Bankasi in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Turkiye Garanti Bankasi and Nurol Gayrimenkul 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 Nurol Gayrimenkul Yatirim are associated (or correlated) with Turkiye Garanti. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Turkiye Garanti Bankasi has no effect on the direction of Nurol Gayrimenkul i.e., Nurol Gayrimenkul and Turkiye Garanti go up and down completely randomly.
Pair Corralation between Nurol Gayrimenkul and Turkiye Garanti
Assuming the 90 days trading horizon Nurol Gayrimenkul is expected to generate 70.88 times less return on investment than Turkiye Garanti. But when comparing it to its historical volatility, Nurol Gayrimenkul Yatirim is 1.01 times less risky than Turkiye Garanti. It trades about 0.0 of its potential returns per unit of risk. Turkiye Garanti Bankasi is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 2,721 in Turkiye Garanti Bankasi on September 22, 2024 and sell it today you would earn a total of 9,819 from holding Turkiye Garanti Bankasi or generate 360.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.8% |
| Values | Daily Returns |
Nurol Gayrimenkul Yatirim vs. Turkiye Garanti Bankasi
Performance |
| Timeline |
| Nurol Gayrimenkul Yatirim |
| Turkiye Garanti Bankasi |
Nurol Gayrimenkul and Turkiye Garanti Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nurol Gayrimenkul and Turkiye Garanti
The main advantage of trading using opposite Nurol Gayrimenkul and Turkiye Garanti positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nurol Gayrimenkul position performs unexpectedly, Turkiye Garanti 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 Turkiye Garanti will offset losses from the drop in Turkiye Garanti's long position.| Nurol Gayrimenkul vs. Bms Birlesik Metal | Nurol Gayrimenkul vs. Koza Anadolu Metal | Nurol Gayrimenkul vs. Sekerbank TAS | Nurol Gayrimenkul vs. E Data Teknoloji Pazarlama |
| Turkiye Garanti vs. Aksa Akrilik Kimya | Turkiye Garanti vs. Tofas Turk Otomobil | Turkiye Garanti vs. AK Sigorta AS | Turkiye Garanti vs. Is Yatirim Menkul |
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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