Correlation Between BIST Electricity and Temapol Polimer
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By analyzing existing cross correlation between BIST Electricity and Temapol Polimer Plastik, you can compare the effects of market volatilities on BIST Electricity and Temapol Polimer 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 Temapol Polimer. Check out your portfolio center. Please also check ongoing floating volatility patterns of BIST Electricity and Temapol Polimer.
Diversification Opportunities for BIST Electricity and Temapol Polimer
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between BIST and Temapol is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding BIST Electricity and Temapol Polimer Plastik in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Temapol Polimer Plastik 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 Temapol Polimer. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Temapol Polimer Plastik has no effect on the direction of BIST Electricity i.e., BIST Electricity and Temapol Polimer go up and down completely randomly.
Pair Corralation between BIST Electricity and Temapol Polimer
Assuming the 90 days trading horizon BIST Electricity is expected to generate 0.48 times more return on investment than Temapol Polimer. However, BIST Electricity is 2.09 times less risky than Temapol Polimer. It trades about 0.03 of its potential returns per unit of risk. Temapol Polimer Plastik is currently generating about -0.02 per unit of risk. If you would invest 47,185 in BIST Electricity on September 12, 2024 and sell it today you would earn a total of 3,596 from holding BIST Electricity or generate 7.62% 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. Temapol Polimer Plastik
Performance |
| Timeline |
BIST Electricity and Temapol Polimer Volatility Contrast
Predicted Return Density |
| Returns |
BIST Electricity
Pair trading matchups for BIST Electricity
Temapol Polimer Plastik
Pair trading matchups for Temapol Polimer
Pair Trading with BIST Electricity and Temapol Polimer
The main advantage of trading using opposite BIST Electricity and Temapol Polimer positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BIST Electricity position performs unexpectedly, Temapol Polimer 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 Temapol Polimer will offset losses from the drop in Temapol Polimer's long position.| BIST Electricity vs. Trabzonspor Sportif Yatirim | BIST Electricity vs. Koza Anadolu Metal | BIST Electricity vs. Qnb Finansbank AS | BIST Electricity vs. Silverline Endustri ve |
| Temapol Polimer vs. ICBC Turkey Bank | Temapol Polimer vs. Creditwest Faktoring AS | Temapol Polimer vs. Bms Birlesik Metal | Temapol Polimer vs. Koza Anadolu 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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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