Correlation Between Penguen Gida and Alfas Solar
Can any of the company-specific risk be diversified away by investing in both Penguen Gida and Alfas Solar 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 Penguen Gida and Alfas Solar into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Penguen Gida Sanayi and Alfas Solar Enerji, you can compare the effects of market volatilities on Penguen Gida and Alfas Solar 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 Penguen Gida with a short position of Alfas Solar. Check out your portfolio center. Please also check ongoing floating volatility patterns of Penguen Gida and Alfas Solar.
Diversification Opportunities for Penguen Gida and Alfas Solar
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Penguen and Alfas is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Penguen Gida Sanayi and Alfas Solar Enerji in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Alfas Solar Enerji and Penguen Gida 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 Penguen Gida Sanayi are associated (or correlated) with Alfas Solar. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Alfas Solar Enerji has no effect on the direction of Penguen Gida i.e., Penguen Gida and Alfas Solar go up and down completely randomly.
Pair Corralation between Penguen Gida and Alfas Solar
If you would invest 4,684 in Alfas Solar Enerji on October 14, 2024 and sell it today you would earn a total of 2,426 from holding Alfas Solar Enerji or generate 51.79% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Penguen Gida Sanayi vs. Alfas Solar Enerji
Performance |
Timeline |
Penguen Gida Sanayi |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Alfas Solar Enerji |
Penguen Gida and Alfas Solar Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Penguen Gida and Alfas Solar
The main advantage of trading using opposite Penguen Gida and Alfas Solar positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Penguen Gida position performs unexpectedly, Alfas Solar 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 Alfas Solar will offset losses from the drop in Alfas Solar's long position.Penguen Gida vs. KOC METALURJI | ||
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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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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