Correlation Between Aksa Enerji and SASA Polyester
Can any of the company-specific risk be diversified away by investing in both Aksa Enerji and SASA Polyester 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 Aksa Enerji and SASA Polyester into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aksa Enerji Uretim and SASA Polyester Sanayi, you can compare the effects of market volatilities on Aksa Enerji and SASA Polyester 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 Aksa Enerji with a short position of SASA Polyester. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aksa Enerji and SASA Polyester.
Diversification Opportunities for Aksa Enerji and SASA Polyester
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Aksa and SASA is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Aksa Enerji Uretim and SASA Polyester Sanayi in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SASA Polyester Sanayi and Aksa Enerji 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 Aksa Enerji Uretim are associated (or correlated) with SASA Polyester. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SASA Polyester Sanayi has no effect on the direction of Aksa Enerji i.e., Aksa Enerji and SASA Polyester go up and down completely randomly.
Pair Corralation between Aksa Enerji and SASA Polyester
Assuming the 90 days trading horizon Aksa Enerji Uretim is expected to under-perform the SASA Polyester. But the stock apears to be less risky and, when comparing its historical volatility, Aksa Enerji Uretim is 16.4 times less risky than SASA Polyester. The stock trades about 0.0 of its potential returns per unit of risk. The SASA Polyester Sanayi is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 586.00 in SASA Polyester Sanayi on September 23, 2024 and sell it today you would lose (182.00) from holding SASA Polyester Sanayi or give up 31.06% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Aksa Enerji Uretim vs. SASA Polyester Sanayi
Performance |
Timeline |
Aksa Enerji Uretim |
SASA Polyester Sanayi |
Aksa Enerji and SASA Polyester Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Aksa Enerji and SASA Polyester
The main advantage of trading using opposite Aksa Enerji and SASA Polyester positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aksa Enerji position performs unexpectedly, SASA Polyester 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 SASA Polyester will offset losses from the drop in SASA Polyester's long position.Aksa Enerji vs. Turkiye Petrol Rafinerileri | Aksa Enerji vs. Aksa Akrilik Kimya | Aksa Enerji vs. Arcelik AS | Aksa Enerji vs. Tofas Turk Otomobil |
SASA Polyester vs. Ege Endustri ve | SASA Polyester vs. Bosch Fren Sistemleri | SASA Polyester vs. Dogus Otomotiv Servis | SASA Polyester vs. Nuh Cimento Sanayi |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators |