Correlation Between Turkiye Garanti and CCCB Bancorp
Can any of the company-specific risk be diversified away by investing in both Turkiye Garanti and CCCB Bancorp 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 Turkiye Garanti and CCCB Bancorp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Turkiye Garanti Bankasi and CCCB Bancorp, you can compare the effects of market volatilities on Turkiye Garanti and CCCB Bancorp 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 Turkiye Garanti with a short position of CCCB Bancorp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Turkiye Garanti and CCCB Bancorp.
Diversification Opportunities for Turkiye Garanti and CCCB Bancorp
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Turkiye and CCCB is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Turkiye Garanti Bankasi and CCCB Bancorp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CCCB Bancorp and Turkiye Garanti 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 Turkiye Garanti Bankasi are associated (or correlated) with CCCB Bancorp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CCCB Bancorp has no effect on the direction of Turkiye Garanti i.e., Turkiye Garanti and CCCB Bancorp go up and down completely randomly.
Pair Corralation between Turkiye Garanti and CCCB Bancorp
Assuming the 90 days horizon Turkiye Garanti is expected to generate 1.06 times less return on investment than CCCB Bancorp. In addition to that, Turkiye Garanti is 1.31 times more volatile than CCCB Bancorp. It trades about 0.03 of its total potential returns per unit of risk. CCCB Bancorp is currently generating about 0.04 per unit of volatility. If you would invest 525.00 in CCCB Bancorp on September 1, 2024 and sell it today you would earn a total of 55.00 from holding CCCB Bancorp or generate 10.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.21% |
| Values | Daily Returns |
Turkiye Garanti Bankasi vs. CCCB Bancorp
Performance |
| Timeline |
| Turkiye Garanti Bankasi |
| CCCB Bancorp |
Turkiye Garanti and CCCB Bancorp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Turkiye Garanti and CCCB Bancorp
The main advantage of trading using opposite Turkiye Garanti and CCCB Bancorp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Turkiye Garanti position performs unexpectedly, CCCB Bancorp 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 CCCB Bancorp will offset losses from the drop in CCCB Bancorp's long position.| Turkiye Garanti vs. Kasikornbank Public Co | Turkiye Garanti vs. Hang Seng Bank | Turkiye Garanti vs. PT Bank Rakyat | Turkiye Garanti vs. Delhi Bank Corp |
| CCCB Bancorp vs. Piraeus Bank SA | CCCB Bancorp vs. Turkiye Garanti Bankasi | CCCB Bancorp vs. Delhi Bank Corp | CCCB Bancorp vs. Uwharrie Capital Corp |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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