Correlation Between Pinar Entegre and Yeni Gimat
Can any of the company-specific risk be diversified away by investing in both Pinar Entegre and Yeni Gimat 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 Pinar Entegre and Yeni Gimat into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Pinar Entegre Et and Yeni Gimat Gayrimenkul, you can compare the effects of market volatilities on Pinar Entegre and Yeni Gimat 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 Pinar Entegre with a short position of Yeni Gimat. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pinar Entegre and Yeni Gimat.
Diversification Opportunities for Pinar Entegre and Yeni Gimat
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Pinar and Yeni is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Pinar Entegre Et and Yeni Gimat Gayrimenkul in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yeni Gimat Gayrimenkul and Pinar Entegre 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 Pinar Entegre Et are associated (or correlated) with Yeni Gimat. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yeni Gimat Gayrimenkul has no effect on the direction of Pinar Entegre i.e., Pinar Entegre and Yeni Gimat go up and down completely randomly.
Pair Corralation between Pinar Entegre and Yeni Gimat
Assuming the 90 days trading horizon Pinar Entegre is expected to generate 1.47 times less return on investment than Yeni Gimat. But when comparing it to its historical volatility, Pinar Entegre Et is 1.11 times less risky than Yeni Gimat. It trades about 0.28 of its potential returns per unit of risk. Yeni Gimat Gayrimenkul is currently generating about 0.36 of returns per unit of risk over similar time horizon. If you would invest 5,265 in Yeni Gimat Gayrimenkul on August 30, 2024 and sell it today you would earn a total of 860.00 from holding Yeni Gimat Gayrimenkul or generate 16.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Pinar Entegre Et vs. Yeni Gimat Gayrimenkul
Performance |
| Timeline |
| Pinar Entegre Et |
| Yeni Gimat Gayrimenkul |
Pinar Entegre and Yeni Gimat Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pinar Entegre and Yeni Gimat
The main advantage of trading using opposite Pinar Entegre and Yeni Gimat positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pinar Entegre position performs unexpectedly, Yeni Gimat 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 Yeni Gimat will offset losses from the drop in Yeni Gimat's long position.| Pinar Entegre vs. Gentas Genel Metal | Pinar Entegre vs. Turkish Airlines | Pinar Entegre vs. MEGA METAL | Pinar Entegre vs. Koza Anadolu Metal |
| Yeni Gimat vs. Koc Holding AS | Yeni Gimat vs. Turkish Airlines | Yeni Gimat vs. Turkiye Garanti Bankasi | Yeni Gimat vs. Turkiye Petrol Rafinerileri |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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