Correlation Between BIST Electricity and MMC Sanayi
Specify exactly 2 symbols:
By analyzing existing cross correlation between BIST Electricity and MMC Sanayi ve, you can compare the effects of market volatilities on BIST Electricity and MMC Sanayi 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 MMC Sanayi. Check out your portfolio center. Please also check ongoing floating volatility patterns of BIST Electricity and MMC Sanayi.
Diversification Opportunities for BIST Electricity and MMC Sanayi
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between BIST and MMC is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding BIST Electricity and MMC Sanayi ve in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MMC Sanayi ve 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 MMC Sanayi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MMC Sanayi ve has no effect on the direction of BIST Electricity i.e., BIST Electricity and MMC Sanayi go up and down completely randomly.
Pair Corralation between BIST Electricity and MMC Sanayi
Assuming the 90 days trading horizon BIST Electricity is expected to generate 14.13 times less return on investment than MMC Sanayi. But when comparing it to its historical volatility, BIST Electricity is 2.35 times less risky than MMC Sanayi. It trades about 0.01 of its potential returns per unit of risk. MMC Sanayi ve is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 618.00 in MMC Sanayi ve on September 2, 2024 and sell it today you would earn a total of 1,307 from holding MMC Sanayi ve or generate 211.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.2% |
| Values | Daily Returns |
BIST Electricity vs. MMC Sanayi ve
Performance |
| Timeline |
BIST Electricity and MMC Sanayi Volatility Contrast
Predicted Return Density |
| Returns |
BIST Electricity
Pair trading matchups for BIST Electricity
MMC Sanayi ve
Pair trading matchups for MMC Sanayi
Pair Trading with BIST Electricity and MMC Sanayi
The main advantage of trading using opposite BIST Electricity and MMC Sanayi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BIST Electricity position performs unexpectedly, MMC Sanayi 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 MMC Sanayi will offset losses from the drop in MMC Sanayi'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 |
| MMC Sanayi vs. Politeknik Metal Sanayi | MMC Sanayi vs. Cuhadaroglu Metal Sanayi | MMC Sanayi vs. Borlease Otomotiv AS | MMC Sanayi vs. Bms Birlesik 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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
Other Complementary Tools
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance |