Correlation Between BIST Electricity and Dardanel Onentas
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By analyzing existing cross correlation between BIST Electricity and Dardanel Onentas Gida, you can compare the effects of market volatilities on BIST Electricity and Dardanel Onentas 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 Dardanel Onentas. Check out your portfolio center. Please also check ongoing floating volatility patterns of BIST Electricity and Dardanel Onentas.
Diversification Opportunities for BIST Electricity and Dardanel Onentas
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between BIST and Dardanel is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding BIST Electricity and Dardanel Onentas Gida in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dardanel Onentas Gida 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 Dardanel Onentas. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dardanel Onentas Gida has no effect on the direction of BIST Electricity i.e., BIST Electricity and Dardanel Onentas go up and down completely randomly.
Pair Corralation between BIST Electricity and Dardanel Onentas
Assuming the 90 days trading horizon BIST Electricity is expected to under-perform the Dardanel Onentas. But the index apears to be less risky and, when comparing its historical volatility, BIST Electricity is 1.63 times less risky than Dardanel Onentas. The index trades about -0.06 of its potential returns per unit of risk. The Dardanel Onentas Gida is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 603.00 in Dardanel Onentas Gida on September 3, 2024 and sell it today you would lose (4.00) from holding Dardanel Onentas Gida or give up 0.66% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BIST Electricity vs. Dardanel Onentas Gida
Performance |
| Timeline |
BIST Electricity and Dardanel Onentas Volatility Contrast
Predicted Return Density |
| Returns |
BIST Electricity
Pair trading matchups for BIST Electricity
Dardanel Onentas Gida
Pair trading matchups for Dardanel Onentas
Pair Trading with BIST Electricity and Dardanel Onentas
The main advantage of trading using opposite BIST Electricity and Dardanel Onentas positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BIST Electricity position performs unexpectedly, Dardanel Onentas 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 Dardanel Onentas will offset losses from the drop in Dardanel Onentas' long position.| BIST Electricity vs. Cuhadaroglu Metal Sanayi | BIST Electricity vs. Silverline Endustri ve | BIST Electricity vs. Sekerbank TAS | BIST Electricity vs. Bms Birlesik Metal |
| Dardanel Onentas vs. Akbank TAS | Dardanel Onentas vs. E Data Teknoloji Pazarlama | Dardanel Onentas vs. Politeknik Metal Sanayi | Dardanel Onentas vs. Silverline Endustri ve |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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