Correlation Between Oak Valley and Turkiye Garanti
Can any of the company-specific risk be diversified away by investing in both Oak Valley 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 Oak Valley and Turkiye Garanti into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oak Valley Bancorp and Turkiye Garanti Bankasi, you can compare the effects of market volatilities on Oak Valley 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 Oak Valley with a short position of Turkiye Garanti. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oak Valley and Turkiye Garanti.
Diversification Opportunities for Oak Valley and Turkiye Garanti
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Oak and Turkiye is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Oak Valley Bancorp 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 Oak Valley 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 Oak Valley Bancorp 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 Oak Valley i.e., Oak Valley and Turkiye Garanti go up and down completely randomly.
Pair Corralation between Oak Valley and Turkiye Garanti
If you would invest 2,700 in Oak Valley Bancorp on September 1, 2024 and sell it today you would earn a total of 416.00 from holding Oak Valley Bancorp or generate 15.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Oak Valley Bancorp vs. Turkiye Garanti Bankasi
Performance |
| Timeline |
| Oak Valley Bancorp |
| Turkiye Garanti Bankasi |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Oak Valley and Turkiye Garanti Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oak Valley and Turkiye Garanti
The main advantage of trading using opposite Oak Valley and Turkiye Garanti positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oak Valley 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.| Oak Valley vs. Affinity Bancshares | Oak Valley vs. Southern California Bancorp | Oak Valley vs. Auburn National Bancorporation | Oak Valley vs. BayCom Corp |
| Turkiye Garanti vs. Permanent TSB Group | Turkiye Garanti vs. Bank of Botetourt | Turkiye Garanti vs. Caixabank SA ADR | Turkiye Garanti vs. Hang Seng Bank |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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