Correlation Between BIST Electricity and DO AG
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By analyzing existing cross correlation between BIST Electricity and DO AG, you can compare the effects of market volatilities on BIST Electricity and DO AG 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 DO AG. Check out your portfolio center. Please also check ongoing floating volatility patterns of BIST Electricity and DO AG.
Diversification Opportunities for BIST Electricity and DO AG
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between BIST and DOCO is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding BIST Electricity and DO AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DO AG 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 DO AG. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DO AG has no effect on the direction of BIST Electricity i.e., BIST Electricity and DO AG go up and down completely randomly.
Pair Corralation between BIST Electricity and DO AG
Assuming the 90 days trading horizon BIST Electricity is expected to generate 2.93 times less return on investment than DO AG. But when comparing it to its historical volatility, BIST Electricity is 2.2 times less risky than DO AG. It trades about 0.14 of its potential returns per unit of risk. DO AG is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest 526,000 in DO AG on September 2, 2024 and sell it today you would earn a total of 65,500 from holding DO AG or generate 12.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
BIST Electricity vs. DO AG
Performance |
| Timeline |
BIST Electricity and DO AG Volatility Contrast
Predicted Return Density |
| Returns |
BIST Electricity
Pair trading matchups for BIST Electricity
DO AG
Pair trading matchups for DO AG
Pair Trading with BIST Electricity and DO AG
The main advantage of trading using opposite BIST Electricity and DO AG positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BIST Electricity position performs unexpectedly, DO AG 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 DO AG will offset losses from the drop in DO AG's long position.| BIST Electricity vs. Koza Anadolu Metal | BIST Electricity vs. Cuhadaroglu Metal Sanayi | BIST Electricity vs. Qnb Finansbank AS | BIST Electricity vs. Turkiye Kalkinma Bankasi |
| DO AG vs. Turkiye Kalkinma Bankasi | DO AG vs. Datagate Bilgisayar Malzemeleri | DO AG vs. Koza Anadolu Metal | DO AG vs. Gentas Genel Metal |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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