Correlation Between Turkiye Garanti and Peoples Fin
Can any of the company-specific risk be diversified away by investing in both Turkiye Garanti and Peoples Fin 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 Peoples Fin 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 Peoples Fin, you can compare the effects of market volatilities on Turkiye Garanti and Peoples Fin 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 Peoples Fin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Turkiye Garanti and Peoples Fin.
Diversification Opportunities for Turkiye Garanti and Peoples Fin
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Turkiye and Peoples is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Turkiye Garanti Bankasi and Peoples Fin in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Peoples Fin 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 Peoples Fin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Peoples Fin has no effect on the direction of Turkiye Garanti i.e., Turkiye Garanti and Peoples Fin go up and down completely randomly.
Pair Corralation between Turkiye Garanti and Peoples Fin
If you would invest 4,615 in Peoples Fin on September 1, 2024 and sell it today you would earn a total of 904.00 from holding Peoples Fin or generate 19.59% 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. Peoples Fin
Performance |
| Timeline |
| Turkiye Garanti Bankasi |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Peoples Fin |
Turkiye Garanti and Peoples Fin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Turkiye Garanti and Peoples Fin
The main advantage of trading using opposite Turkiye Garanti and Peoples Fin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Turkiye Garanti position performs unexpectedly, Peoples Fin 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 Peoples Fin will offset losses from the drop in Peoples Fin'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 |
| Peoples Fin vs. Home Federal Bancorp | Peoples Fin vs. Magyar Bancorp | Peoples Fin vs. Finward Bancorp | Peoples Fin vs. Community West Bancshares |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
Other Complementary Tools
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments |