Correlation Between Turkcell Iletisim and Nurol Gayrimenkul
Can any of the company-specific risk be diversified away by investing in both Turkcell Iletisim and Nurol Gayrimenkul 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 Nurol Gayrimenkul 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 Nurol Gayrimenkul Yatirim, you can compare the effects of market volatilities on Turkcell Iletisim and Nurol Gayrimenkul 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 Nurol Gayrimenkul. Check out your portfolio center. Please also check ongoing floating volatility patterns of Turkcell Iletisim and Nurol Gayrimenkul.
Diversification Opportunities for Turkcell Iletisim and Nurol Gayrimenkul
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Turkcell and Nurol is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Turkcell Iletisim Hizmetleri and Nurol Gayrimenkul Yatirim in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nurol Gayrimenkul Yatirim 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 Nurol Gayrimenkul. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nurol Gayrimenkul Yatirim has no effect on the direction of Turkcell Iletisim i.e., Turkcell Iletisim and Nurol Gayrimenkul go up and down completely randomly.
Pair Corralation between Turkcell Iletisim and Nurol Gayrimenkul
Assuming the 90 days trading horizon Turkcell Iletisim Hizmetleri is expected to generate 0.71 times more return on investment than Nurol Gayrimenkul. However, Turkcell Iletisim Hizmetleri is 1.41 times less risky than Nurol Gayrimenkul. It trades about 0.22 of its potential returns per unit of risk. Nurol Gayrimenkul Yatirim is currently generating about -0.08 per unit of risk. If you would invest 8,945 in Turkcell Iletisim Hizmetleri on September 19, 2024 and sell it today you would earn a total of 635.00 from holding Turkcell Iletisim Hizmetleri or generate 7.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Turkcell Iletisim Hizmetleri vs. Nurol Gayrimenkul Yatirim
Performance |
| Timeline |
| Turkcell Iletisim |
| Nurol Gayrimenkul Yatirim |
Turkcell Iletisim and Nurol Gayrimenkul Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Turkcell Iletisim and Nurol Gayrimenkul
The main advantage of trading using opposite Turkcell Iletisim and Nurol Gayrimenkul positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Turkcell Iletisim position performs unexpectedly, Nurol Gayrimenkul 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 Nurol Gayrimenkul will offset losses from the drop in Nurol Gayrimenkul's long position.| Turkcell Iletisim vs. Turkiye Garanti Bankasi | Turkcell Iletisim vs. Turkiye Is Bankasi | Turkcell Iletisim vs. Turkiye Is Bankasi | Turkcell Iletisim vs. Akbank TAS |
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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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