Correlation Between Turkiye Petrol and E Data
Can any of the company-specific risk be diversified away by investing in both Turkiye Petrol and E Data 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 Petrol and E Data into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Turkiye Petrol Rafinerileri and E Data Teknoloji Pazarlama, you can compare the effects of market volatilities on Turkiye Petrol and E Data 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 Petrol with a short position of E Data. Check out your portfolio center. Please also check ongoing floating volatility patterns of Turkiye Petrol and E Data.
Diversification Opportunities for Turkiye Petrol and E Data
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Turkiye and EDATA is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding Turkiye Petrol Rafinerileri and E Data Teknoloji Pazarlama in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on E Data Teknoloji and Turkiye Petrol 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 Petrol Rafinerileri are associated (or correlated) with E Data. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of E Data Teknoloji has no effect on the direction of Turkiye Petrol i.e., Turkiye Petrol and E Data go up and down completely randomly.
Pair Corralation between Turkiye Petrol and E Data
Assuming the 90 days trading horizon Turkiye Petrol Rafinerileri is expected to generate 0.51 times more return on investment than E Data. However, Turkiye Petrol Rafinerileri is 1.96 times less risky than E Data. It trades about 0.03 of its potential returns per unit of risk. E Data Teknoloji Pazarlama is currently generating about -0.01 per unit of risk. If you would invest 13,438 in Turkiye Petrol Rafinerileri on September 15, 2024 and sell it today you would earn a total of 1,682 from holding Turkiye Petrol Rafinerileri or generate 12.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Turkiye Petrol Rafinerileri vs. E Data Teknoloji Pazarlama
Performance |
| Timeline |
| Turkiye Petrol Rafin |
| E Data Teknoloji |
Turkiye Petrol and E Data Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Turkiye Petrol and E Data
The main advantage of trading using opposite Turkiye Petrol and E Data positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Turkiye Petrol position performs unexpectedly, E Data 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 E Data will offset losses from the drop in E Data's long position.| Turkiye Petrol vs. Eregli Demir ve | Turkiye Petrol vs. Turkiye Sise ve | Turkiye Petrol vs. Turkish Airlines | Turkiye Petrol vs. Petkim Petrokimya Holding |
| E Data vs. Escort Teknoloji Yatirim | E Data vs. Koc Holding AS | E Data vs. Silverline Endustri ve | E Data vs. Turkiye Petrol Rafinerileri |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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