Correlation Between Tekfen Holding and Koza Altin
Can any of the company-specific risk be diversified away by investing in both Tekfen Holding and Koza Altin 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 Tekfen Holding and Koza Altin into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Tekfen Holding AS and Koza Altin Isletmeleri, you can compare the effects of market volatilities on Tekfen Holding and Koza Altin 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 Tekfen Holding with a short position of Koza Altin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tekfen Holding and Koza Altin.
Diversification Opportunities for Tekfen Holding and Koza Altin
-0.62 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Tekfen and Koza is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding Tekfen Holding AS and Koza Altin Isletmeleri in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Koza Altin Isletmeleri and Tekfen Holding 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 Tekfen Holding AS are associated (or correlated) with Koza Altin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Koza Altin Isletmeleri has no effect on the direction of Tekfen Holding i.e., Tekfen Holding and Koza Altin go up and down completely randomly.
Pair Corralation between Tekfen Holding and Koza Altin
Assuming the 90 days trading horizon Tekfen Holding AS is expected to generate 0.89 times more return on investment than Koza Altin. However, Tekfen Holding AS is 1.12 times less risky than Koza Altin. It trades about 0.09 of its potential returns per unit of risk. Koza Altin Isletmeleri is currently generating about 0.03 per unit of risk. If you would invest 7,440 in Tekfen Holding AS on August 28, 2024 and sell it today you would earn a total of 315.00 from holding Tekfen Holding AS or generate 4.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tekfen Holding AS vs. Koza Altin Isletmeleri
Performance |
| Timeline |
| Tekfen Holding AS |
| Koza Altin Isletmeleri |
Tekfen Holding and Koza Altin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tekfen Holding and Koza Altin
The main advantage of trading using opposite Tekfen Holding and Koza Altin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tekfen Holding position performs unexpectedly, Koza Altin 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 Koza Altin will offset losses from the drop in Koza Altin's long position.| Tekfen Holding vs. QNB Finans Finansal | Tekfen Holding vs. Pamel Yenilenebilir Elektrik | Tekfen Holding vs. Brisa Bridgestone Sabanci | Tekfen Holding vs. Dogus Gayrimenkul Yatirim |
| Koza Altin vs. Qnb Finansbank AS | Koza Altin vs. QNB Finans Finansal | Koza Altin vs. Turkiye Kalkinma Bankasi | Koza Altin vs. Kocaer Celik 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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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