Correlation Between Turkiye Garanti and Oak Valley
Can any of the company-specific risk be diversified away by investing in both Turkiye Garanti and Oak Valley 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 Oak Valley 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 Oak Valley Bancorp, you can compare the effects of market volatilities on Turkiye Garanti and Oak Valley 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 Oak Valley. Check out your portfolio center. Please also check ongoing floating volatility patterns of Turkiye Garanti and Oak Valley.
Diversification Opportunities for Turkiye Garanti and Oak Valley
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Turkiye and Oak is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Turkiye Garanti Bankasi and Oak Valley Bancorp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oak Valley 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 Oak Valley. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oak Valley Bancorp has no effect on the direction of Turkiye Garanti i.e., Turkiye Garanti and Oak Valley go up and down completely randomly.
Pair Corralation between Turkiye Garanti and Oak Valley
If you would invest 2,700 in Oak Valley Bancorp on September 1, 2024 and sell it today you would earn a total of 416.00 from holding Oak Valley Bancorp or generate 15.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Turkiye Garanti Bankasi vs. Oak Valley Bancorp
Performance |
| Timeline |
| Turkiye Garanti Bankasi |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Oak Valley Bancorp |
Turkiye Garanti and Oak Valley Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Turkiye Garanti and Oak Valley
The main advantage of trading using opposite Turkiye Garanti and Oak Valley positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Turkiye Garanti position performs unexpectedly, Oak Valley 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 Oak Valley will offset losses from the drop in Oak Valley's long position.| Turkiye Garanti vs. Permanent TSB Group | Turkiye Garanti vs. Bank of Botetourt | Turkiye Garanti vs. Caixabank SA ADR | Turkiye Garanti vs. Hang Seng Bank |
| Oak Valley vs. Affinity Bancshares | Oak Valley vs. Southern California Bancorp | Oak Valley vs. Auburn National Bancorporation | Oak Valley vs. BayCom 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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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