Correlation Between BIST Electricity and Pinar Su
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By analyzing existing cross correlation between BIST Electricity and Pinar Su Sanayi, you can compare the effects of market volatilities on BIST Electricity and Pinar Su 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 Pinar Su. Check out your portfolio center. Please also check ongoing floating volatility patterns of BIST Electricity and Pinar Su.
Diversification Opportunities for BIST Electricity and Pinar Su
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between BIST and Pinar is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding BIST Electricity and Pinar Su Sanayi in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pinar Su Sanayi 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 Pinar Su. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pinar Su Sanayi has no effect on the direction of BIST Electricity i.e., BIST Electricity and Pinar Su go up and down completely randomly.
Pair Corralation between BIST Electricity and Pinar Su
Assuming the 90 days trading horizon BIST Electricity is expected to under-perform the Pinar Su. But the index apears to be less risky and, when comparing its historical volatility, BIST Electricity is 1.84 times less risky than Pinar Su. The index trades about -0.32 of its potential returns per unit of risk. The Pinar Su Sanayi is currently generating about -0.07 of returns per unit of risk over similar time horizon. If you would invest 683.00 in Pinar Su Sanayi on November 5, 2024 and sell it today you would lose (20.00) from holding Pinar Su Sanayi or give up 2.93% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BIST Electricity vs. Pinar Su Sanayi
Performance |
| Timeline |
BIST Electricity and Pinar Su Volatility Contrast
Predicted Return Density |
| Returns |
BIST Electricity
Pair trading matchups for BIST Electricity
Pinar Su Sanayi
Pair trading matchups for Pinar Su
Pair Trading with BIST Electricity and Pinar Su
The main advantage of trading using opposite BIST Electricity and Pinar Su positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BIST Electricity position performs unexpectedly, Pinar Su 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 Pinar Su will offset losses from the drop in Pinar Su's long position.| BIST Electricity vs. Galatasaray Sportif Sinai | BIST Electricity vs. Sekerbank TAS | BIST Electricity vs. Creditwest Faktoring AS | BIST Electricity vs. Cuhadaroglu Metal Sanayi |
| Pinar Su vs. Politeknik Metal Sanayi | Pinar Su vs. Gentas Genel Metal | Pinar Su vs. Cuhadaroglu Metal Sanayi | Pinar Su vs. MEGA 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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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