Correlation Between Turkcell Iletisim and Metemtur Yatrm
Can any of the company-specific risk be diversified away by investing in both Turkcell Iletisim and Metemtur Yatrm 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 Turkcell Iletisim and Metemtur Yatrm into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Turkcell Iletisim Hizmetleri and Metemtur Yatrm Enerji, you can compare the effects of market volatilities on Turkcell Iletisim and Metemtur Yatrm 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 Turkcell Iletisim with a short position of Metemtur Yatrm. Check out your portfolio center. Please also check ongoing floating volatility patterns of Turkcell Iletisim and Metemtur Yatrm.
Diversification Opportunities for Turkcell Iletisim and Metemtur Yatrm
0.07 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Turkcell and Metemtur is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding Turkcell Iletisim Hizmetleri and Metemtur Yatrm Enerji in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Metemtur Yatrm Enerji and Turkcell Iletisim 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 Turkcell Iletisim Hizmetleri are associated (or correlated) with Metemtur Yatrm. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Metemtur Yatrm Enerji has no effect on the direction of Turkcell Iletisim i.e., Turkcell Iletisim and Metemtur Yatrm go up and down completely randomly.
Pair Corralation between Turkcell Iletisim and Metemtur Yatrm
Assuming the 90 days trading horizon Turkcell Iletisim is expected to generate 1.59 times less return on investment than Metemtur Yatrm. But when comparing it to its historical volatility, Turkcell Iletisim Hizmetleri is 2.1 times less risky than Metemtur Yatrm. It trades about 0.09 of its potential returns per unit of risk. Metemtur Yatrm Enerji is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 480.00 in Metemtur Yatrm Enerji on September 4, 2024 and sell it today you would earn a total of 1,008 from holding Metemtur Yatrm Enerji or generate 210.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Turkcell Iletisim Hizmetleri vs. Metemtur Yatrm Enerji
Performance |
| Timeline |
| Turkcell Iletisim |
| Metemtur Yatrm Enerji |
Turkcell Iletisim and Metemtur Yatrm Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Turkcell Iletisim and Metemtur Yatrm
The main advantage of trading using opposite Turkcell Iletisim and Metemtur Yatrm positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Turkcell Iletisim position performs unexpectedly, Metemtur Yatrm 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 Metemtur Yatrm will offset losses from the drop in Metemtur Yatrm's long position.| Turkcell Iletisim vs. Turk Telekomunikasyon AS | Turkcell Iletisim vs. Aselsan Elektronik Sanayi | Turkcell Iletisim vs. Koc Holding AS | Turkcell Iletisim vs. Turkiye Petrol Rafinerileri |
| Metemtur Yatrm vs. Akbank TAS | Metemtur Yatrm vs. Koza Anadolu Metal | Metemtur Yatrm vs. Mackolik Internet Hizmetleri | Metemtur Yatrm vs. Creditwest Faktoring AS |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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