Correlation Between BIST Electricity and Nurol Gayrimenkul
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By analyzing existing cross correlation between BIST Electricity and Nurol Gayrimenkul Yatirim, you can compare the effects of market volatilities on BIST Electricity and Nurol Gayrimenkul 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 Nurol Gayrimenkul. Check out your portfolio center. Please also check ongoing floating volatility patterns of BIST Electricity and Nurol Gayrimenkul.
Diversification Opportunities for BIST Electricity and Nurol Gayrimenkul
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between BIST and Nurol is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding BIST Electricity and Nurol Gayrimenkul Yatirim in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nurol Gayrimenkul Yatirim 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 Nurol Gayrimenkul. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nurol Gayrimenkul Yatirim has no effect on the direction of BIST Electricity i.e., BIST Electricity and Nurol Gayrimenkul go up and down completely randomly.
Pair Corralation between BIST Electricity and Nurol Gayrimenkul
Assuming the 90 days trading horizon BIST Electricity is expected to generate 0.56 times more return on investment than Nurol Gayrimenkul. However, BIST Electricity is 1.78 times less risky than Nurol Gayrimenkul. It trades about 0.24 of its potential returns per unit of risk. Nurol Gayrimenkul Yatirim is currently generating about -0.08 per unit of risk. If you would invest 48,779 in BIST Electricity on September 19, 2024 and sell it today you would earn a total of 2,827 from holding BIST Electricity or generate 5.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BIST Electricity vs. Nurol Gayrimenkul Yatirim
Performance |
| Timeline |
BIST Electricity and Nurol Gayrimenkul Volatility Contrast
Predicted Return Density |
| Returns |
BIST Electricity
Pair trading matchups for BIST Electricity
Nurol Gayrimenkul Yatirim
Pair trading matchups for Nurol Gayrimenkul
Pair Trading with BIST Electricity and Nurol Gayrimenkul
The main advantage of trading using opposite BIST Electricity and Nurol Gayrimenkul positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BIST Electricity position performs unexpectedly, Nurol Gayrimenkul 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 Nurol Gayrimenkul will offset losses from the drop in Nurol Gayrimenkul's long position.| BIST Electricity vs. Koza Anadolu Metal | BIST Electricity vs. Gentas Genel Metal | BIST Electricity vs. MEGA METAL | BIST Electricity vs. Politeknik Metal Sanayi |
| Nurol Gayrimenkul vs. Koza Anadolu Metal | Nurol Gayrimenkul vs. Akcansa Cimento Sanayi | Nurol Gayrimenkul vs. Galatasaray Sportif Sinai | Nurol Gayrimenkul 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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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