Correlation Between BIST Electricity and Penta Teknoloji
Specify exactly 2 symbols:
By analyzing existing cross correlation between BIST Electricity and Penta Teknoloji Urunleri, you can compare the effects of market volatilities on BIST Electricity and Penta Teknoloji 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 Penta Teknoloji. Check out your portfolio center. Please also check ongoing floating volatility patterns of BIST Electricity and Penta Teknoloji.
Diversification Opportunities for BIST Electricity and Penta Teknoloji
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between BIST and Penta is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding BIST Electricity and Penta Teknoloji Urunleri in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Penta Teknoloji Urunleri 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 Penta Teknoloji. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Penta Teknoloji Urunleri has no effect on the direction of BIST Electricity i.e., BIST Electricity and Penta Teknoloji go up and down completely randomly.
Pair Corralation between BIST Electricity and Penta Teknoloji
Assuming the 90 days trading horizon BIST Electricity is expected to generate 0.62 times more return on investment than Penta Teknoloji. However, BIST Electricity is 1.62 times less risky than Penta Teknoloji. It trades about 0.05 of its potential returns per unit of risk. Penta Teknoloji Urunleri is currently generating about -0.02 per unit of risk. If you would invest 36,070 in BIST Electricity on August 31, 2024 and sell it today you would earn a total of 13,019 from holding BIST Electricity or generate 36.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
BIST Electricity vs. Penta Teknoloji Urunleri
Performance |
| Timeline |
BIST Electricity and Penta Teknoloji Volatility Contrast
Predicted Return Density |
| Returns |
BIST Electricity
Pair trading matchups for BIST Electricity
Penta Teknoloji Urunleri
Pair trading matchups for Penta Teknoloji
Pair Trading with BIST Electricity and Penta Teknoloji
The main advantage of trading using opposite BIST Electricity and Penta Teknoloji positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BIST Electricity position performs unexpectedly, Penta Teknoloji 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 Penta Teknoloji will offset losses from the drop in Penta Teknoloji's long position.| BIST Electricity vs. Datagate Bilgisayar Malzemeleri | BIST Electricity vs. Qnb Finansbank AS | BIST Electricity vs. Akbank TAS | BIST Electricity vs. Bms Birlesik Metal |
| Penta Teknoloji vs. Kafein Yazilim | Penta Teknoloji vs. Brisa Bridgestone Sabanci | Penta Teknoloji vs. Dogus Gayrimenkul Yatirim | Penta Teknoloji vs. IZDEMIR Enerji Elektrik |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
Other Complementary Tools
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm |