Correlation Between BIST Electricity and Gubre Fabrikalari
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By analyzing existing cross correlation between BIST Electricity and Gubre Fabrikalari TAS, you can compare the effects of market volatilities on BIST Electricity and Gubre Fabrikalari 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 Gubre Fabrikalari. Check out your portfolio center. Please also check ongoing floating volatility patterns of BIST Electricity and Gubre Fabrikalari.
Diversification Opportunities for BIST Electricity and Gubre Fabrikalari
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between BIST and Gubre is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding BIST Electricity and Gubre Fabrikalari TAS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gubre Fabrikalari TAS 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 Gubre Fabrikalari. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gubre Fabrikalari TAS has no effect on the direction of BIST Electricity i.e., BIST Electricity and Gubre Fabrikalari go up and down completely randomly.
Pair Corralation between BIST Electricity and Gubre Fabrikalari
Assuming the 90 days trading horizon BIST Electricity is expected to generate 0.47 times more return on investment than Gubre Fabrikalari. However, BIST Electricity is 2.14 times less risky than Gubre Fabrikalari. It trades about -0.01 of its potential returns per unit of risk. Gubre Fabrikalari TAS is currently generating about -0.02 per unit of risk. If you would invest 52,207 in BIST Electricity on September 2, 2024 and sell it today you would lose (3,118) from holding BIST Electricity or give up 5.97% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BIST Electricity vs. Gubre Fabrikalari TAS
Performance |
| Timeline |
BIST Electricity and Gubre Fabrikalari Volatility Contrast
Predicted Return Density |
| Returns |
BIST Electricity
Pair trading matchups for BIST Electricity
Gubre Fabrikalari TAS
Pair trading matchups for Gubre Fabrikalari
Pair Trading with BIST Electricity and Gubre Fabrikalari
The main advantage of trading using opposite BIST Electricity and Gubre Fabrikalari positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BIST Electricity position performs unexpectedly, Gubre Fabrikalari 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 Gubre Fabrikalari will offset losses from the drop in Gubre Fabrikalari'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 |
| Gubre Fabrikalari vs. Trend Gayrimenkul Yatirim | Gubre Fabrikalari vs. Trabzon Liman Isletmeciligi | Gubre Fabrikalari vs. Halk Gayrimenkul Yatirim | Gubre Fabrikalari vs. Inveo Yatirim Holding |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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