Correlation Between Turkiye Petrol and Yeni Gimat
Can any of the company-specific risk be diversified away by investing in both Turkiye Petrol and Yeni Gimat 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 Yeni Gimat 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 Yeni Gimat Gayrimenkul, you can compare the effects of market volatilities on Turkiye Petrol and Yeni Gimat 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 Yeni Gimat. Check out your portfolio center. Please also check ongoing floating volatility patterns of Turkiye Petrol and Yeni Gimat.
Diversification Opportunities for Turkiye Petrol and Yeni Gimat
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Turkiye and Yeni is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding Turkiye Petrol Rafinerileri and Yeni Gimat Gayrimenkul in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yeni Gimat Gayrimenkul 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 Yeni Gimat. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yeni Gimat Gayrimenkul has no effect on the direction of Turkiye Petrol i.e., Turkiye Petrol and Yeni Gimat go up and down completely randomly.
Pair Corralation between Turkiye Petrol and Yeni Gimat
Assuming the 90 days trading horizon Turkiye Petrol Rafinerileri is expected to under-perform the Yeni Gimat. But the stock apears to be less risky and, when comparing its historical volatility, Turkiye Petrol Rafinerileri is 1.17 times less risky than Yeni Gimat. The stock trades about -0.35 of its potential returns per unit of risk. The Yeni Gimat Gayrimenkul is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 6,645 in Yeni Gimat Gayrimenkul on November 28, 2024 and sell it today you would earn a total of 245.00 from holding Yeni Gimat Gayrimenkul or generate 3.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Turkiye Petrol Rafinerileri vs. Yeni Gimat Gayrimenkul
Performance |
| Timeline |
| Turkiye Petrol Rafin |
| Yeni Gimat Gayrimenkul |
Turkiye Petrol and Yeni Gimat Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Turkiye Petrol and Yeni Gimat
The main advantage of trading using opposite Turkiye Petrol and Yeni Gimat positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Turkiye Petrol position performs unexpectedly, Yeni Gimat 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 Yeni Gimat will offset losses from the drop in Yeni Gimat'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 |
| Yeni Gimat vs. Gentas Genel Metal | Yeni Gimat vs. E Data Teknoloji Pazarlama | Yeni Gimat vs. MEGA METAL | Yeni Gimat vs. Politeknik Metal Sanayi |
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 Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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