Correlation Between SASA Polyester and Hektas Ticaret
Can any of the company-specific risk be diversified away by investing in both SASA Polyester and Hektas Ticaret 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 SASA Polyester and Hektas Ticaret into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SASA Polyester Sanayi and Hektas Ticaret TAS, you can compare the effects of market volatilities on SASA Polyester and Hektas Ticaret 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 SASA Polyester with a short position of Hektas Ticaret. Check out your portfolio center. Please also check ongoing floating volatility patterns of SASA Polyester and Hektas Ticaret.
Diversification Opportunities for SASA Polyester and Hektas Ticaret
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between SASA and Hektas is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding SASA Polyester Sanayi and Hektas Ticaret TAS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hektas Ticaret TAS and SASA Polyester 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 SASA Polyester Sanayi are associated (or correlated) with Hektas Ticaret. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hektas Ticaret TAS has no effect on the direction of SASA Polyester i.e., SASA Polyester and Hektas Ticaret go up and down completely randomly.
Pair Corralation between SASA Polyester and Hektas Ticaret
Assuming the 90 days trading horizon SASA Polyester Sanayi is expected to generate 0.98 times more return on investment than Hektas Ticaret. However, SASA Polyester Sanayi is 1.02 times less risky than Hektas Ticaret. It trades about -0.03 of its potential returns per unit of risk. Hektas Ticaret TAS is currently generating about -0.08 per unit of risk. If you would invest 491.00 in SASA Polyester Sanayi on November 4, 2024 and sell it today you would lose (125.00) from holding SASA Polyester Sanayi or give up 25.46% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
SASA Polyester Sanayi vs. Hektas Ticaret TAS
Performance |
| Timeline |
| SASA Polyester Sanayi |
| Hektas Ticaret TAS |
SASA Polyester and Hektas Ticaret Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SASA Polyester and Hektas Ticaret
The main advantage of trading using opposite SASA Polyester and Hektas Ticaret positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SASA Polyester position performs unexpectedly, Hektas Ticaret 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 Hektas Ticaret will offset losses from the drop in Hektas Ticaret's long position.| SASA Polyester vs. Hektas Ticaret TAS | SASA Polyester vs. Eregli Demir ve | SASA Polyester vs. Turkiye Sise ve | SASA Polyester vs. Turkiye Petrol Rafinerileri |
| Hektas Ticaret vs. SASA Polyester Sanayi | Hektas Ticaret vs. Eregli Demir ve | Hektas Ticaret vs. Turkiye Sise ve | Hektas Ticaret 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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
Other Complementary Tools
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges |