Correlation Between Nurol Gayrimenkul and Gentas Genel
Can any of the company-specific risk be diversified away by investing in both Nurol Gayrimenkul and Gentas Genel 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 Gentas Genel 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 Gentas Genel Metal, you can compare the effects of market volatilities on Nurol Gayrimenkul and Gentas Genel 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 Gentas Genel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nurol Gayrimenkul and Gentas Genel.
Diversification Opportunities for Nurol Gayrimenkul and Gentas Genel
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Nurol and Gentas is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding Nurol Gayrimenkul Yatirim and Gentas Genel Metal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gentas Genel Metal 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 Gentas Genel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gentas Genel Metal has no effect on the direction of Nurol Gayrimenkul i.e., Nurol Gayrimenkul and Gentas Genel go up and down completely randomly.
Pair Corralation between Nurol Gayrimenkul and Gentas Genel
Assuming the 90 days trading horizon Nurol Gayrimenkul Yatirim is expected to under-perform the Gentas Genel. In addition to that, Nurol Gayrimenkul is 1.17 times more volatile than Gentas Genel Metal. It trades about -0.12 of its total potential returns per unit of risk. Gentas Genel Metal is currently generating about 0.62 per unit of volatility. If you would invest 787.00 in Gentas Genel Metal on September 20, 2024 and sell it today you would earn a total of 190.00 from holding Gentas Genel Metal or generate 24.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Nurol Gayrimenkul Yatirim vs. Gentas Genel Metal
Performance |
| Timeline |
| Nurol Gayrimenkul Yatirim |
| Gentas Genel Metal |
Nurol Gayrimenkul and Gentas Genel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nurol Gayrimenkul and Gentas Genel
The main advantage of trading using opposite Nurol Gayrimenkul and Gentas Genel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nurol Gayrimenkul position performs unexpectedly, Gentas Genel 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 Gentas Genel will offset losses from the drop in Gentas Genel's long position.| Nurol Gayrimenkul vs. Gentas Genel Metal | Nurol Gayrimenkul vs. Bms Birlesik Metal | Nurol Gayrimenkul vs. Politeknik Metal Sanayi | Nurol Gayrimenkul vs. Qnb Finansbank AS |
| Gentas Genel vs. Ege Endustri ve | Gentas Genel vs. Turkiye Petrol Rafinerileri | Gentas Genel vs. Turkiye Garanti Bankasi | Gentas Genel vs. Ford Otomotiv Sanayi |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
Other Complementary Tools
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing |