Correlation Between BIST Electricity and Tukas Gida
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By analyzing existing cross correlation between BIST Electricity and Tukas Gida Sanayi, you can compare the effects of market volatilities on BIST Electricity and Tukas Gida 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 Tukas Gida. Check out your portfolio center. Please also check ongoing floating volatility patterns of BIST Electricity and Tukas Gida.
Diversification Opportunities for BIST Electricity and Tukas Gida
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between BIST and Tukas is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding BIST Electricity and Tukas Gida Sanayi in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tukas Gida 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 Tukas Gida. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tukas Gida Sanayi has no effect on the direction of BIST Electricity i.e., BIST Electricity and Tukas Gida go up and down completely randomly.
Pair Corralation between BIST Electricity and Tukas Gida
Assuming the 90 days trading horizon BIST Electricity is expected to generate 0.82 times more return on investment than Tukas Gida. However, BIST Electricity is 1.22 times less risky than Tukas Gida. It trades about 0.15 of its potential returns per unit of risk. Tukas Gida Sanayi is currently generating about 0.03 per unit of risk. If you would invest 46,978 in BIST Electricity on August 27, 2024 and sell it today you would earn a total of 1,970 from holding BIST Electricity or generate 4.19% 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. Tukas Gida Sanayi
Performance |
| Timeline |
BIST Electricity and Tukas Gida Volatility Contrast
Predicted Return Density |
| Returns |
BIST Electricity
Pair trading matchups for BIST Electricity
Tukas Gida Sanayi
Pair trading matchups for Tukas Gida
Pair Trading with BIST Electricity and Tukas Gida
The main advantage of trading using opposite BIST Electricity and Tukas Gida positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BIST Electricity position performs unexpectedly, Tukas Gida 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 Tukas Gida will offset losses from the drop in Tukas Gida's long position.| BIST Electricity vs. Cuhadaroglu Metal Sanayi | BIST Electricity vs. Koza Anadolu Metal | BIST Electricity vs. ICBC Turkey Bank | BIST Electricity vs. Turkish Airlines |
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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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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