Correlation Between BIST Electricity and Afyon Cimento
Specify exactly 2 symbols:
By analyzing existing cross correlation between BIST Electricity and Afyon Cimento Sanayi, you can compare the effects of market volatilities on BIST Electricity and Afyon Cimento 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 BIST Electricity with a short position of Afyon Cimento. Check out your portfolio center. Please also check ongoing floating volatility patterns of BIST Electricity and Afyon Cimento.
Diversification Opportunities for BIST Electricity and Afyon Cimento
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between BIST and Afyon is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding BIST Electricity and Afyon Cimento Sanayi in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Afyon Cimento Sanayi and BIST Electricity 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 BIST Electricity are associated (or correlated) with Afyon Cimento. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Afyon Cimento Sanayi has no effect on the direction of BIST Electricity i.e., BIST Electricity and Afyon Cimento go up and down completely randomly.
Pair Corralation between BIST Electricity and Afyon Cimento
Assuming the 90 days trading horizon BIST Electricity is expected to generate 6.0 times less return on investment than Afyon Cimento. But when comparing it to its historical volatility, BIST Electricity is 1.57 times less risky than Afyon Cimento. It trades about 0.01 of its potential returns per unit of risk. Afyon Cimento Sanayi is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 742.00 in Afyon Cimento Sanayi on August 25, 2024 and sell it today you would earn a total of 708.00 from holding Afyon Cimento Sanayi or generate 95.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.4% |
| Values | Daily Returns |
BIST Electricity vs. Afyon Cimento Sanayi
Performance |
| Timeline |
BIST Electricity and Afyon Cimento Volatility Contrast
Predicted Return Density |
| Returns |
BIST Electricity
Pair trading matchups for BIST Electricity
Afyon Cimento Sanayi
Pair trading matchups for Afyon Cimento
Pair Trading with BIST Electricity and Afyon Cimento
The main advantage of trading using opposite BIST Electricity and Afyon Cimento positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BIST Electricity position performs unexpectedly, Afyon Cimento 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 Afyon Cimento will offset losses from the drop in Afyon Cimento's long position.| BIST Electricity vs. Galatasaray Sportif Sinai | BIST Electricity vs. MEGA METAL | BIST Electricity vs. Silverline Endustri ve | BIST Electricity vs. Gentas Genel Metal |
| Afyon Cimento vs. Qnb Finansbank AS | Afyon Cimento vs. QNB Finans Finansal | Afyon Cimento vs. Turkiye Kalkinma Bankasi | Afyon Cimento vs. Kocaer Celik 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 Commodity Directory module to find actively traded commodities issued by global exchanges.
Other Complementary Tools
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. |