Correlation Between Turkiye Sise and Aksa Enerji
Can any of the company-specific risk be diversified away by investing in both Turkiye Sise and Aksa Enerji 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 Turkiye Sise and Aksa Enerji into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Turkiye Sise ve and Aksa Enerji Uretim, you can compare the effects of market volatilities on Turkiye Sise and Aksa Enerji 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 Turkiye Sise with a short position of Aksa Enerji. Check out your portfolio center. Please also check ongoing floating volatility patterns of Turkiye Sise and Aksa Enerji.
Diversification Opportunities for Turkiye Sise and Aksa Enerji
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Turkiye and Aksa is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Turkiye Sise ve and Aksa Enerji Uretim in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aksa Enerji Uretim and Turkiye Sise 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 Turkiye Sise ve are associated (or correlated) with Aksa Enerji. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aksa Enerji Uretim has no effect on the direction of Turkiye Sise i.e., Turkiye Sise and Aksa Enerji go up and down completely randomly.
Pair Corralation between Turkiye Sise and Aksa Enerji
Assuming the 90 days trading horizon Turkiye Sise ve is expected to under-perform the Aksa Enerji. But the stock apears to be less risky and, when comparing its historical volatility, Turkiye Sise ve is 1.19 times less risky than Aksa Enerji. The stock trades about -0.01 of its potential returns per unit of risk. The Aksa Enerji Uretim is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 3,028 in Aksa Enerji Uretim on November 28, 2024 and sell it today you would earn a total of 528.00 from holding Aksa Enerji Uretim or generate 17.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Turkiye Sise ve vs. Aksa Enerji Uretim
Performance |
| Timeline |
| Turkiye Sise ve |
| Aksa Enerji Uretim |
Turkiye Sise and Aksa Enerji Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Turkiye Sise and Aksa Enerji
The main advantage of trading using opposite Turkiye Sise and Aksa Enerji positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Turkiye Sise position performs unexpectedly, Aksa Enerji 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 Aksa Enerji will offset losses from the drop in Aksa Enerji's long position.| Turkiye Sise vs. Eregli Demir ve | Turkiye Sise vs. Turkiye Petrol Rafinerileri | Turkiye Sise vs. Turkish Airlines | Turkiye Sise vs. Ford Otomotiv Sanayi |
| Aksa Enerji vs. Aksa Akrilik Kimya | Aksa Enerji vs. Turkiye Sise ve | Aksa Enerji vs. Hektas Ticaret TAS | Aksa Enerji vs. SASA Polyester 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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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