Correlation Between BIST Electricity and KOC METALURJI
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By analyzing existing cross correlation between BIST Electricity and KOC METALURJI, you can compare the effects of market volatilities on BIST Electricity and KOC METALURJI 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 KOC METALURJI. Check out your portfolio center. Please also check ongoing floating volatility patterns of BIST Electricity and KOC METALURJI.
Diversification Opportunities for BIST Electricity and KOC METALURJI
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between BIST and KOC is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding BIST Electricity and KOC METALURJI in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KOC METALURJI 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 KOC METALURJI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KOC METALURJI has no effect on the direction of BIST Electricity i.e., BIST Electricity and KOC METALURJI go up and down completely randomly.
Pair Corralation between BIST Electricity and KOC METALURJI
Assuming the 90 days trading horizon BIST Electricity is expected to generate 0.48 times more return on investment than KOC METALURJI. However, BIST Electricity is 2.09 times less risky than KOC METALURJI. It trades about -0.03 of its potential returns per unit of risk. KOC METALURJI is currently generating about -0.04 per unit of risk. If you would invest 58,667 in BIST Electricity on October 12, 2024 and sell it today you would lose (5,874) from holding BIST Electricity or give up 10.01% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 88.11% |
| Values | Daily Returns |
BIST Electricity vs. KOC METALURJI
Performance |
| Timeline |
BIST Electricity and KOC METALURJI Volatility Contrast
Predicted Return Density |
| Returns |
BIST Electricity
Pair trading matchups for BIST Electricity
KOC METALURJI
Pair trading matchups for KOC METALURJI
Pair Trading with BIST Electricity and KOC METALURJI
The main advantage of trading using opposite BIST Electricity and KOC METALURJI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BIST Electricity position performs unexpectedly, KOC METALURJI 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 KOC METALURJI will offset losses from the drop in KOC METALURJI's long position.| BIST Electricity vs. Gentas Genel Metal | BIST Electricity vs. Politeknik Metal Sanayi | BIST Electricity vs. MEGA METAL | BIST Electricity vs. Sekerbank TAS |
| KOC METALURJI vs. Cuhadaroglu Metal Sanayi | KOC METALURJI vs. Borlease Otomotiv AS | KOC METALURJI vs. Bms Birlesik Metal | KOC METALURJI vs. Politeknik Metal Sanayi |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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