Correlation Between BIST Electricity and Ipek Dogal
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By analyzing existing cross correlation between BIST Electricity and Ipek Dogal Enerji, you can compare the effects of market volatilities on BIST Electricity and Ipek Dogal 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 Ipek Dogal. Check out your portfolio center. Please also check ongoing floating volatility patterns of BIST Electricity and Ipek Dogal.
Diversification Opportunities for BIST Electricity and Ipek Dogal
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between BIST and Ipek is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding BIST Electricity and Ipek Dogal Enerji in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ipek Dogal Enerji 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 Ipek Dogal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ipek Dogal Enerji has no effect on the direction of BIST Electricity i.e., BIST Electricity and Ipek Dogal go up and down completely randomly.
Pair Corralation between BIST Electricity and Ipek Dogal
Assuming the 90 days trading horizon BIST Electricity is expected to generate 9.65 times less return on investment than Ipek Dogal. But when comparing it to its historical volatility, BIST Electricity is 2.37 times less risky than Ipek Dogal. It trades about 0.14 of its potential returns per unit of risk. Ipek Dogal Enerji is currently generating about 0.59 of returns per unit of risk over similar time horizon. If you would invest 3,494 in Ipek Dogal Enerji on September 1, 2024 and sell it today you would earn a total of 1,886 from holding Ipek Dogal Enerji or generate 53.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.65% |
| Values | Daily Returns |
BIST Electricity vs. Ipek Dogal Enerji
Performance |
| Timeline |
BIST Electricity and Ipek Dogal Volatility Contrast
Predicted Return Density |
| Returns |
BIST Electricity
Pair trading matchups for BIST Electricity
Ipek Dogal Enerji
Pair trading matchups for Ipek Dogal
Pair Trading with BIST Electricity and Ipek Dogal
The main advantage of trading using opposite BIST Electricity and Ipek Dogal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BIST Electricity position performs unexpectedly, Ipek Dogal 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 Ipek Dogal will offset losses from the drop in Ipek Dogal's long position.| BIST Electricity vs. MEGA METAL | BIST Electricity vs. Sodas Sodyum Sanayi | BIST Electricity vs. Silverline Endustri ve | BIST Electricity vs. Gentas Genel Metal |
| Ipek Dogal vs. Koza Anadolu Metal | Ipek Dogal vs. Koza Altin Isletmeleri | Ipek Dogal vs. Vestel Elektronik Sanayi | Ipek Dogal vs. Petkim Petrokimya 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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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