Correlation Between Turkish Airlines and Haci Omer
Can any of the company-specific risk be diversified away by investing in both Turkish Airlines and Haci Omer 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 Turkish Airlines and Haci Omer into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Turkish Airlines and Haci Omer Sabanci, you can compare the effects of market volatilities on Turkish Airlines and Haci Omer 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 Turkish Airlines with a short position of Haci Omer. Check out your portfolio center. Please also check ongoing floating volatility patterns of Turkish Airlines and Haci Omer.
Diversification Opportunities for Turkish Airlines and Haci Omer
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Turkish and Haci is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Turkish Airlines and Haci Omer Sabanci in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haci Omer Sabanci and Turkish Airlines 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 Turkish Airlines are associated (or correlated) with Haci Omer. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haci Omer Sabanci has no effect on the direction of Turkish Airlines i.e., Turkish Airlines and Haci Omer go up and down completely randomly.
Pair Corralation between Turkish Airlines and Haci Omer
Assuming the 90 days trading horizon Turkish Airlines is expected to generate 2.01 times less return on investment than Haci Omer. But when comparing it to its historical volatility, Turkish Airlines is 1.21 times less risky than Haci Omer. It trades about 0.05 of its potential returns per unit of risk. Haci Omer Sabanci is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 5,529 in Haci Omer Sabanci on September 1, 2024 and sell it today you would earn a total of 3,521 from holding Haci Omer Sabanci or generate 63.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Turkish Airlines vs. Haci Omer Sabanci
Performance |
| Timeline |
| Turkish Airlines |
| Haci Omer Sabanci |
Turkish Airlines and Haci Omer Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Turkish Airlines and Haci Omer
The main advantage of trading using opposite Turkish Airlines and Haci Omer positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Turkish Airlines position performs unexpectedly, Haci Omer 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 Haci Omer will offset losses from the drop in Haci Omer's long position.| Turkish Airlines vs. Aselsan Elektronik Sanayi | Turkish Airlines vs. Turkiye Petrol Rafinerileri | Turkish Airlines vs. Pegasus Hava Tasimaciligi | Turkish Airlines vs. Turkiye Sise ve |
| Haci Omer vs. Koc Holding AS | Haci Omer vs. Turkiye Sise ve | Haci Omer vs. Akbank TAS | Haci Omer 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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
Other Complementary Tools
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA |