Correlation Between BIST Electricity and ODAS Elektrik
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By analyzing existing cross correlation between BIST Electricity and ODAS Elektrik Uretim, you can compare the effects of market volatilities on BIST Electricity and ODAS Elektrik 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 ODAS Elektrik. Check out your portfolio center. Please also check ongoing floating volatility patterns of BIST Electricity and ODAS Elektrik.
Diversification Opportunities for BIST Electricity and ODAS Elektrik
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between BIST and ODAS is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding BIST Electricity and ODAS Elektrik Uretim in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ODAS Elektrik Uretim 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 ODAS Elektrik. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ODAS Elektrik Uretim has no effect on the direction of BIST Electricity i.e., BIST Electricity and ODAS Elektrik go up and down completely randomly.
Pair Corralation between BIST Electricity and ODAS Elektrik
Assuming the 90 days trading horizon BIST Electricity is expected to generate 0.63 times more return on investment than ODAS Elektrik. However, BIST Electricity is 1.58 times less risky than ODAS Elektrik. It trades about 0.03 of its potential returns per unit of risk. ODAS Elektrik Uretim is currently generating about -0.04 per unit of risk. If you would invest 46,840 in BIST Electricity on September 14, 2024 and sell it today you would earn a total of 4,258 from holding BIST Electricity or generate 9.09% 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. ODAS Elektrik Uretim
Performance |
| Timeline |
BIST Electricity and ODAS Elektrik Volatility Contrast
Predicted Return Density |
| Returns |
BIST Electricity
Pair trading matchups for BIST Electricity
ODAS Elektrik Uretim
Pair trading matchups for ODAS Elektrik
Pair Trading with BIST Electricity and ODAS Elektrik
The main advantage of trading using opposite BIST Electricity and ODAS Elektrik positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BIST Electricity position performs unexpectedly, ODAS Elektrik 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 ODAS Elektrik will offset losses from the drop in ODAS Elektrik's long position.| BIST Electricity vs. Turkiye Kalkinma Bankasi | BIST Electricity vs. MEGA METAL | BIST Electricity vs. Galatasaray Sportif Sinai | BIST Electricity vs. Akbank TAS |
| ODAS Elektrik vs. Aksa Enerji Uretim | ODAS Elektrik vs. Hektas Ticaret TAS | ODAS Elektrik vs. Turkiye Sise ve | ODAS Elektrik vs. SASA Polyester 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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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