Correlation Between Yesil Gayrimenkul and MEGA METAL
Can any of the company-specific risk be diversified away by investing in both Yesil Gayrimenkul and MEGA METAL at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Yesil Gayrimenkul and MEGA METAL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Yesil Gayrimenkul Yatirim and MEGA METAL, you can compare the effects of market volatilities on Yesil Gayrimenkul and MEGA METAL 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 Yesil Gayrimenkul with a short position of MEGA METAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yesil Gayrimenkul and MEGA METAL.
Diversification Opportunities for Yesil Gayrimenkul and MEGA METAL
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Yesil and MEGA is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Yesil Gayrimenkul Yatirim and MEGA METAL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MEGA METAL and Yesil Gayrimenkul 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 Yesil Gayrimenkul Yatirim are associated (or correlated) with MEGA METAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MEGA METAL has no effect on the direction of Yesil Gayrimenkul i.e., Yesil Gayrimenkul and MEGA METAL go up and down completely randomly.
Pair Corralation between Yesil Gayrimenkul and MEGA METAL
Assuming the 90 days trading horizon Yesil Gayrimenkul Yatirim is expected to generate 2.52 times more return on investment than MEGA METAL. However, Yesil Gayrimenkul is 2.52 times more volatile than MEGA METAL. It trades about 0.49 of its potential returns per unit of risk. MEGA METAL is currently generating about 0.11 per unit of risk. If you would invest 719.00 in Yesil Gayrimenkul Yatirim on September 4, 2024 and sell it today you would earn a total of 361.00 from holding Yesil Gayrimenkul Yatirim or generate 50.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yesil Gayrimenkul Yatirim vs. MEGA METAL
Performance |
| Timeline |
| Yesil Gayrimenkul Yatirim |
| MEGA METAL |
Yesil Gayrimenkul and MEGA METAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yesil Gayrimenkul and MEGA METAL
The main advantage of trading using opposite Yesil Gayrimenkul and MEGA METAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yesil Gayrimenkul position performs unexpectedly, MEGA METAL 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 MEGA METAL will offset losses from the drop in MEGA METAL's long position.| Yesil Gayrimenkul vs. MEGA METAL | Yesil Gayrimenkul vs. Sodas Sodyum Sanayi | Yesil Gayrimenkul vs. Cuhadaroglu Metal Sanayi | Yesil Gayrimenkul vs. Koza Anadolu Metal |
| MEGA METAL vs. Akbank TAS | MEGA METAL vs. Politeknik Metal Sanayi | MEGA METAL vs. Koza Anadolu Metal | MEGA METAL vs. E Data Teknoloji Pazarlama |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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