Correlation Between Turkcell Iletisim and Anterix

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Can any of the company-specific risk be diversified away by investing in both Turkcell Iletisim and Anterix 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 Anterix 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 Anterix, you can compare the effects of market volatilities on Turkcell Iletisim and Anterix 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 Anterix. Check out your portfolio center. Please also check ongoing floating volatility patterns of Turkcell Iletisim and Anterix.

Diversification Opportunities for Turkcell Iletisim and Anterix

-0.69
  Correlation Coefficient

Excellent diversification

The 3 months correlation between Turkcell and Anterix is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding Turkcell Iletisim Hizmetleri and Anterix in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anterix 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 Anterix. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anterix has no effect on the direction of Turkcell Iletisim i.e., Turkcell Iletisim and Anterix go up and down completely randomly.

Pair Corralation between Turkcell Iletisim and Anterix

Considering the 90-day investment horizon Turkcell Iletisim Hizmetleri is expected to generate 0.88 times more return on investment than Anterix. However, Turkcell Iletisim Hizmetleri is 1.14 times less risky than Anterix. It trades about 0.06 of its potential returns per unit of risk. Anterix is currently generating about 0.01 per unit of risk. If you would invest  409.00  in Turkcell Iletisim Hizmetleri on November 9, 2024 and sell it today you would earn a total of  327.00  from holding Turkcell Iletisim Hizmetleri or generate 79.95% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Turkcell Iletisim Hizmetleri  vs.  Anterix

 Performance 
       Timeline  
Turkcell Iletisim 

Risk-Adjusted Performance

Good

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Turkcell Iletisim Hizmetleri are ranked lower than 11 (%) of all global equities and portfolios over the last 90 days. In spite of rather abnormal forward-looking signals, Turkcell Iletisim exhibited solid returns over the last few months and may actually be approaching a breakup point.
Anterix 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days Anterix has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of unfluctuating performance in the last few months, the Stock's technical and fundamental indicators remain fairly strong which may send shares a bit higher in March 2025. The current disturbance may also be a sign of long term up-swing for the company investors.

Turkcell Iletisim and Anterix Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Turkcell Iletisim and Anterix

The main advantage of trading using opposite Turkcell Iletisim and Anterix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Turkcell Iletisim position performs unexpectedly, Anterix 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 Anterix will offset losses from the drop in Anterix's long position.
The idea behind Turkcell Iletisim Hizmetleri and Anterix pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.

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