Correlation Between Turkish Airlines and Tukas Gida
Can any of the company-specific risk be diversified away by investing in both Turkish Airlines and Tukas Gida 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 Tukas Gida into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Turkish Airlines and Tukas Gida Sanayi, you can compare the effects of market volatilities on Turkish Airlines and Tukas Gida 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 Tukas Gida. Check out your portfolio center. Please also check ongoing floating volatility patterns of Turkish Airlines and Tukas Gida.
Diversification Opportunities for Turkish Airlines and Tukas Gida
-0.73 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Turkish and Tukas is -0.73. Overlapping area represents the amount of risk that can be diversified away by holding Turkish Airlines and Tukas Gida Sanayi in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tukas Gida Sanayi 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 Tukas Gida. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tukas Gida Sanayi has no effect on the direction of Turkish Airlines i.e., Turkish Airlines and Tukas Gida go up and down completely randomly.
Pair Corralation between Turkish Airlines and Tukas Gida
Assuming the 90 days trading horizon Turkish Airlines is expected to generate 0.74 times more return on investment than Tukas Gida. However, Turkish Airlines is 1.36 times less risky than Tukas Gida. It trades about -0.01 of its potential returns per unit of risk. Tukas Gida Sanayi is currently generating about -0.24 per unit of risk. If you would invest 30,650 in Turkish Airlines on November 28, 2024 and sell it today you would lose (175.00) from holding Turkish Airlines or give up 0.57% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Turkish Airlines vs. Tukas Gida Sanayi
Performance |
| Timeline |
| Turkish Airlines |
| Tukas Gida Sanayi |
Turkish Airlines and Tukas Gida Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Turkish Airlines and Tukas Gida
The main advantage of trading using opposite Turkish Airlines and Tukas Gida positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Turkish Airlines position performs unexpectedly, Tukas Gida 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 Tukas Gida will offset losses from the drop in Tukas Gida'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 |
| Tukas Gida vs. Gentas Genel Metal | Tukas Gida vs. MEGA METAL | Tukas Gida vs. KOC METALURJI | Tukas Gida vs. Politeknik Metal 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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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