Correlation Between BIST Electricity and Petrokent Turizm
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By analyzing existing cross correlation between BIST Electricity and Petrokent Turizm AS, you can compare the effects of market volatilities on BIST Electricity and Petrokent Turizm 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 Petrokent Turizm. Check out your portfolio center. Please also check ongoing floating volatility patterns of BIST Electricity and Petrokent Turizm.
Diversification Opportunities for BIST Electricity and Petrokent Turizm
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between BIST and Petrokent is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding BIST Electricity and Petrokent Turizm AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Petrokent Turizm 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 Petrokent Turizm. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Petrokent Turizm has no effect on the direction of BIST Electricity i.e., BIST Electricity and Petrokent Turizm go up and down completely randomly.
Pair Corralation between BIST Electricity and Petrokent Turizm
Assuming the 90 days trading horizon BIST Electricity is expected to generate 3.75 times less return on investment than Petrokent Turizm. But when comparing it to its historical volatility, BIST Electricity is 1.95 times less risky than Petrokent Turizm. It trades about 0.02 of its potential returns per unit of risk. Petrokent Turizm AS is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 18,570 in Petrokent Turizm AS on September 14, 2024 and sell it today you would earn a total of 6,130 from holding Petrokent Turizm AS or generate 33.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.19% |
| Values | Daily Returns |
BIST Electricity vs. Petrokent Turizm AS
Performance |
| Timeline |
BIST Electricity and Petrokent Turizm Volatility Contrast
Predicted Return Density |
| Returns |
BIST Electricity
Pair trading matchups for BIST Electricity
Petrokent Turizm AS
Pair trading matchups for Petrokent Turizm
Pair Trading with BIST Electricity and Petrokent Turizm
The main advantage of trading using opposite BIST Electricity and Petrokent Turizm positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BIST Electricity position performs unexpectedly, Petrokent Turizm 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 Petrokent Turizm will offset losses from the drop in Petrokent Turizm'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 |
| Petrokent Turizm vs. Bms Birlesik Metal | Petrokent Turizm vs. Koza Anadolu Metal | Petrokent Turizm vs. CEO Event Medya | Petrokent Turizm vs. Creditwest Faktoring AS |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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