Correlation Between Nurol Gayrimenkul and Turkiye Kalkinma
Can any of the company-specific risk be diversified away by investing in both Nurol Gayrimenkul and Turkiye Kalkinma 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 Kalkinma 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 Kalkinma Bankasi, you can compare the effects of market volatilities on Nurol Gayrimenkul and Turkiye Kalkinma 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 Kalkinma. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nurol Gayrimenkul and Turkiye Kalkinma.
Diversification Opportunities for Nurol Gayrimenkul and Turkiye Kalkinma
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Nurol and Turkiye is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Nurol Gayrimenkul Yatirim and Turkiye Kalkinma Bankasi in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Turkiye Kalkinma 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 Kalkinma. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Turkiye Kalkinma Bankasi has no effect on the direction of Nurol Gayrimenkul i.e., Nurol Gayrimenkul and Turkiye Kalkinma go up and down completely randomly.
Pair Corralation between Nurol Gayrimenkul and Turkiye Kalkinma
Assuming the 90 days trading horizon Nurol Gayrimenkul Yatirim is expected to generate 2.18 times more return on investment than Turkiye Kalkinma. However, Nurol Gayrimenkul is 2.18 times more volatile than Turkiye Kalkinma Bankasi. It trades about -0.07 of its potential returns per unit of risk. Turkiye Kalkinma Bankasi is currently generating about -0.22 per unit of risk. If you would invest 770.00 in Nurol Gayrimenkul Yatirim on November 7, 2024 and sell it today you would lose (32.00) from holding Nurol Gayrimenkul Yatirim or give up 4.16% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nurol Gayrimenkul Yatirim vs. Turkiye Kalkinma Bankasi
Performance |
| Timeline |
| Nurol Gayrimenkul Yatirim |
| Turkiye Kalkinma Bankasi |
Nurol Gayrimenkul and Turkiye Kalkinma Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nurol Gayrimenkul and Turkiye Kalkinma
The main advantage of trading using opposite Nurol Gayrimenkul and Turkiye Kalkinma positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nurol Gayrimenkul position performs unexpectedly, Turkiye Kalkinma 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 Kalkinma will offset losses from the drop in Turkiye Kalkinma's long position.| Nurol Gayrimenkul vs. Creditwest Faktoring AS | Nurol Gayrimenkul vs. Gentas Genel Metal | Nurol Gayrimenkul vs. Akbank TAS | Nurol Gayrimenkul vs. Cuhadaroglu Metal Sanayi |
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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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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