Correlation Between Yesil Yapi and Akenerji Elektrik
Can any of the company-specific risk be diversified away by investing in both Yesil Yapi and Akenerji Elektrik 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 Yapi and Akenerji Elektrik into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Yesil Yapi Endustrisi and Akenerji Elektrik Uretim, you can compare the effects of market volatilities on Yesil Yapi and Akenerji Elektrik 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 Yapi with a short position of Akenerji Elektrik. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yesil Yapi and Akenerji Elektrik.
Diversification Opportunities for Yesil Yapi and Akenerji Elektrik
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Yesil and Akenerji is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding Yesil Yapi Endustrisi and Akenerji Elektrik Uretim in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Akenerji Elektrik Uretim and Yesil Yapi 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 Yapi Endustrisi are associated (or correlated) with Akenerji Elektrik. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Akenerji Elektrik Uretim has no effect on the direction of Yesil Yapi i.e., Yesil Yapi and Akenerji Elektrik go up and down completely randomly.
Pair Corralation between Yesil Yapi and Akenerji Elektrik
Assuming the 90 days trading horizon Yesil Yapi Endustrisi is expected to generate 1.52 times more return on investment than Akenerji Elektrik. However, Yesil Yapi is 1.52 times more volatile than Akenerji Elektrik Uretim. It trades about 0.38 of its potential returns per unit of risk. Akenerji Elektrik Uretim is currently generating about -0.03 per unit of risk. If you would invest 417.00 in Yesil Yapi Endustrisi on August 31, 2024 and sell it today you would earn a total of 170.00 from holding Yesil Yapi Endustrisi or generate 40.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yesil Yapi Endustrisi vs. Akenerji Elektrik Uretim
Performance |
| Timeline |
| Yesil Yapi Endustrisi |
| Akenerji Elektrik Uretim |
Yesil Yapi and Akenerji Elektrik Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yesil Yapi and Akenerji Elektrik
The main advantage of trading using opposite Yesil Yapi and Akenerji Elektrik positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yesil Yapi position performs unexpectedly, Akenerji Elektrik 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 Akenerji Elektrik will offset losses from the drop in Akenerji Elektrik's long position.| Yesil Yapi vs. Creditwest Faktoring AS | Yesil Yapi vs. Turkiye Kalkinma Bankasi | Yesil Yapi vs. Politeknik Metal Sanayi | Yesil Yapi vs. Koza Anadolu Metal |
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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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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