Correlation Between Turkiye Petrol and Ingram Micro
Can any of the company-specific risk be diversified away by investing in both Turkiye Petrol and Ingram Micro 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 Ingram Micro 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 Ingram Micro Bilisim, you can compare the effects of market volatilities on Turkiye Petrol and Ingram Micro 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 Ingram Micro. Check out your portfolio center. Please also check ongoing floating volatility patterns of Turkiye Petrol and Ingram Micro.
Diversification Opportunities for Turkiye Petrol and Ingram Micro
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Turkiye and Ingram is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Turkiye Petrol Rafinerileri and Ingram Micro Bilisim in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ingram Micro Bilisim 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 Ingram Micro. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ingram Micro Bilisim has no effect on the direction of Turkiye Petrol i.e., Turkiye Petrol and Ingram Micro go up and down completely randomly.
Pair Corralation between Turkiye Petrol and Ingram Micro
Assuming the 90 days trading horizon Turkiye Petrol Rafinerileri is expected to generate 1.41 times more return on investment than Ingram Micro. However, Turkiye Petrol is 1.41 times more volatile than Ingram Micro Bilisim. It trades about 0.01 of its potential returns per unit of risk. Ingram Micro Bilisim is currently generating about -0.34 per unit of risk. If you would invest 13,760 in Turkiye Petrol Rafinerileri on December 6, 2024 and sell it today you would earn a total of 0.00 from holding Turkiye Petrol Rafinerileri or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Turkiye Petrol Rafinerileri vs. Ingram Micro Bilisim
Performance |
| Timeline |
| Turkiye Petrol Rafin |
| Ingram Micro Bilisim |
Turkiye Petrol and Ingram Micro Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Turkiye Petrol and Ingram Micro
The main advantage of trading using opposite Turkiye Petrol and Ingram Micro positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Turkiye Petrol position performs unexpectedly, Ingram Micro 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 Ingram Micro will offset losses from the drop in Ingram Micro'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 |
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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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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