Correlation Between BIST Electricity and ICBC Turkey
Specify exactly 2 symbols:
By analyzing existing cross correlation between BIST Electricity and ICBC Turkey Bank, you can compare the effects of market volatilities on BIST Electricity and ICBC Turkey 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 ICBC Turkey. Check out your portfolio center. Please also check ongoing floating volatility patterns of BIST Electricity and ICBC Turkey.
Diversification Opportunities for BIST Electricity and ICBC Turkey
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between BIST and ICBC is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding BIST Electricity and ICBC Turkey Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ICBC Turkey Bank 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 ICBC Turkey. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ICBC Turkey Bank has no effect on the direction of BIST Electricity i.e., BIST Electricity and ICBC Turkey go up and down completely randomly.
Pair Corralation between BIST Electricity and ICBC Turkey
Assuming the 90 days trading horizon BIST Electricity is expected to generate 1.57 times less return on investment than ICBC Turkey. But when comparing it to its historical volatility, BIST Electricity is 1.39 times less risky than ICBC Turkey. It trades about 0.17 of its potential returns per unit of risk. ICBC Turkey Bank is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest 1,298 in ICBC Turkey Bank on August 28, 2024 and sell it today you would earn a total of 102.00 from holding ICBC Turkey Bank or generate 7.86% 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. ICBC Turkey Bank
Performance |
| Timeline |
BIST Electricity and ICBC Turkey Volatility Contrast
Predicted Return Density |
| Returns |
BIST Electricity
Pair trading matchups for BIST Electricity
ICBC Turkey Bank
Pair trading matchups for ICBC Turkey
Pair Trading with BIST Electricity and ICBC Turkey
The main advantage of trading using opposite BIST Electricity and ICBC Turkey positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BIST Electricity position performs unexpectedly, ICBC Turkey 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 ICBC Turkey will offset losses from the drop in ICBC Turkey's long position.| BIST Electricity vs. Creditwest Faktoring AS | BIST Electricity vs. MEGA METAL | BIST Electricity vs. Datagate Bilgisayar Malzemeleri | BIST Electricity vs. Cuhadaroglu Metal Sanayi |
| ICBC Turkey vs. Akcansa Cimento Sanayi | ICBC Turkey vs. Akbank TAS | ICBC Turkey vs. Bms Birlesik Metal | ICBC Turkey vs. Trabzonspor Sportif Yatirim |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
Other Complementary Tools
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Bonds Directory Find actively traded corporate debentures issued by US companies |