Correlation Between BIST Electricity and Aksa Enerji
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By analyzing existing cross correlation between BIST Electricity and Aksa Enerji Uretim, you can compare the effects of market volatilities on BIST Electricity and Aksa Enerji 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 Aksa Enerji. Check out your portfolio center. Please also check ongoing floating volatility patterns of BIST Electricity and Aksa Enerji.
Diversification Opportunities for BIST Electricity and Aksa Enerji
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between BIST and Aksa is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding BIST Electricity and Aksa Enerji Uretim in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aksa Enerji Uretim 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 Aksa Enerji. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aksa Enerji Uretim has no effect on the direction of BIST Electricity i.e., BIST Electricity and Aksa Enerji go up and down completely randomly.
Pair Corralation between BIST Electricity and Aksa Enerji
Assuming the 90 days trading horizon BIST Electricity is expected to generate 0.75 times more return on investment than Aksa Enerji. However, BIST Electricity is 1.33 times less risky than Aksa Enerji. It trades about 0.05 of its potential returns per unit of risk. Aksa Enerji Uretim is currently generating about -0.12 per unit of risk. If you would invest 47,298 in BIST Electricity on August 30, 2024 and sell it today you would earn a total of 1,444 from holding BIST Electricity or generate 3.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
BIST Electricity vs. Aksa Enerji Uretim
Performance |
| Timeline |
BIST Electricity and Aksa Enerji Volatility Contrast
Predicted Return Density |
| Returns |
BIST Electricity
Pair trading matchups for BIST Electricity
Aksa Enerji Uretim
Pair trading matchups for Aksa Enerji
Pair Trading with BIST Electricity and Aksa Enerji
The main advantage of trading using opposite BIST Electricity and Aksa Enerji positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BIST Electricity position performs unexpectedly, Aksa Enerji 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 Aksa Enerji will offset losses from the drop in Aksa Enerji's long position.| BIST Electricity vs. Galatasaray Sportif Sinai | BIST Electricity vs. Koza Anadolu Metal | BIST Electricity vs. Qnb Finansbank AS | BIST Electricity vs. Turkiye Kalkinma Bankasi |
| Aksa Enerji vs. Eregli Demir ve | Aksa Enerji vs. Turkiye Sise ve | Aksa Enerji vs. Tofas Turk Otomobil | Aksa Enerji vs. Ford Otomotiv 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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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