Correlation Between Oyak Cimento and Akcansa Cimento

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Can any of the company-specific risk be diversified away by investing in both Oyak Cimento and Akcansa Cimento 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 Oyak Cimento and Akcansa Cimento into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oyak Cimento Fabrikalari and Akcansa Cimento Sanayi, you can compare the effects of market volatilities on Oyak Cimento and Akcansa Cimento 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 Oyak Cimento with a short position of Akcansa Cimento. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oyak Cimento and Akcansa Cimento.

Diversification Opportunities for Oyak Cimento and Akcansa Cimento

OyakAkcansaDiversified AwayOyakAkcansaDiversified Away100%
0.71
  Correlation Coefficient

Poor diversification

The 3 months correlation between Oyak and Akcansa is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding Oyak Cimento Fabrikalari and Akcansa Cimento Sanayi in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Akcansa Cimento Sanayi and Oyak Cimento 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 Oyak Cimento Fabrikalari are associated (or correlated) with Akcansa Cimento. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Akcansa Cimento Sanayi has no effect on the direction of Oyak Cimento i.e., Oyak Cimento and Akcansa Cimento go up and down completely randomly.

Pair Corralation between Oyak Cimento and Akcansa Cimento

Assuming the 90 days trading horizon Oyak Cimento is expected to generate 1.36 times less return on investment than Akcansa Cimento. In addition to that, Oyak Cimento is 1.01 times more volatile than Akcansa Cimento Sanayi. It trades about 0.07 of its total potential returns per unit of risk. Akcansa Cimento Sanayi is currently generating about 0.09 per unit of volatility. If you would invest  5,629  in Akcansa Cimento Sanayi on November 22, 2024 and sell it today you would earn a total of  12,351  from holding Akcansa Cimento Sanayi or generate 219.42% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Oyak Cimento Fabrikalari  vs.  Akcansa Cimento Sanayi

 Performance 
JavaScript chart by amCharts 3.21.15Dec2025Feb -1001020304050
JavaScript chart by amCharts 3.21.15OYAKC AKCNS
       Timeline  
Oyak Cimento Fabrikalari 

Risk-Adjusted Performance

Solid

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Oyak Cimento Fabrikalari are ranked lower than 24 (%) of all global equities and portfolios over the last 90 days. Despite fairly weak forward indicators, Oyak Cimento demonstrated solid returns over the last few months and may actually be approaching a breakup point.
JavaScript chart by amCharts 3.21.15DecJanFebJanFeb182022242628
Akcansa Cimento Sanayi 

Risk-Adjusted Performance

Modest

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Akcansa Cimento Sanayi are ranked lower than 6 (%) of all global equities and portfolios over the last 90 days. Despite fairly weak forward indicators, Akcansa Cimento demonstrated solid returns over the last few months and may actually be approaching a breakup point.
JavaScript chart by amCharts 3.21.15DecJanFebJanFeb160170180190200210

Oyak Cimento and Akcansa Cimento Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15-7.23-5.42-3.6-1.780.02.014.136.258.3710.49 0.020.030.040.050.06
JavaScript chart by amCharts 3.21.15OYAKC AKCNS
       Returns  

Pair Trading with Oyak Cimento and Akcansa Cimento

The main advantage of trading using opposite Oyak Cimento and Akcansa Cimento positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oyak Cimento position performs unexpectedly, Akcansa Cimento 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 Akcansa Cimento will offset losses from the drop in Akcansa Cimento's long position.
The idea behind Oyak Cimento Fabrikalari and Akcansa Cimento Sanayi pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.

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