Correlation Between Teknosa Ic and Deva Holding
Can any of the company-specific risk be diversified away by investing in both Teknosa Ic and Deva Holding 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 Teknosa Ic and Deva Holding into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Teknosa Ic ve and Deva Holding AS, you can compare the effects of market volatilities on Teknosa Ic and Deva Holding 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 Teknosa Ic with a short position of Deva Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Teknosa Ic and Deva Holding.
Diversification Opportunities for Teknosa Ic and Deva Holding
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Teknosa and Deva is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Teknosa Ic ve and Deva Holding AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Deva Holding AS and Teknosa Ic 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 Teknosa Ic ve are associated (or correlated) with Deva Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Deva Holding AS has no effect on the direction of Teknosa Ic i.e., Teknosa Ic and Deva Holding go up and down completely randomly.
Pair Corralation between Teknosa Ic and Deva Holding
If you would invest 0.00 in Teknosa Ic ve on November 3, 2024 and sell it today you would earn a total of 0.00 from holding Teknosa Ic ve or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.41% |
| Values | Daily Returns |
Teknosa Ic ve vs. Deva Holding AS
Performance |
| Timeline |
| Teknosa Ic ve |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Modest
| Deva Holding AS |
Teknosa Ic and Deva Holding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Teknosa Ic and Deva Holding
The main advantage of trading using opposite Teknosa Ic and Deva Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Teknosa Ic position performs unexpectedly, Deva Holding 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 Deva Holding will offset losses from the drop in Deva Holding's long position.| Teknosa Ic vs. Sodas Sodyum Sanayi | Teknosa Ic vs. Gentas Genel Metal | Teknosa Ic vs. Koza Anadolu Metal | Teknosa Ic vs. Silverline Endustri ve |
| Deva Holding vs. Alkim Alkali Kimya | Deva Holding vs. EIS Eczacibasi Ilac | Deva Holding vs. Arcelik AS | Deva Holding vs. BIM Birlesik Magazalar |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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