Correlation Between Penguen Gida and Pergamon Status
Can any of the company-specific risk be diversified away by investing in both Penguen Gida and Pergamon Status 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 Pergamon Status 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 Pergamon Status Dis, you can compare the effects of market volatilities on Penguen Gida and Pergamon Status 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 Pergamon Status. Check out your portfolio center. Please also check ongoing floating volatility patterns of Penguen Gida and Pergamon Status.
Diversification Opportunities for Penguen Gida and Pergamon Status
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Penguen and Pergamon is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding Penguen Gida Sanayi and Pergamon Status Dis in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pergamon Status Dis 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 Pergamon Status. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pergamon Status Dis has no effect on the direction of Penguen Gida i.e., Penguen Gida and Pergamon Status go up and down completely randomly.
Pair Corralation between Penguen Gida and Pergamon Status
Assuming the 90 days trading horizon Penguen Gida Sanayi is expected to under-perform the Pergamon Status. But the stock apears to be less risky and, when comparing its historical volatility, Penguen Gida Sanayi is 1.74 times less risky than Pergamon Status. The stock trades about -0.2 of its potential returns per unit of risk. The Pergamon Status Dis is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 8,250 in Pergamon Status Dis on October 11, 2024 and sell it today you would lose (65.00) from holding Pergamon Status Dis or give up 0.79% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 95.45% |
Values | Daily Returns |
Penguen Gida Sanayi vs. Pergamon Status Dis
Performance |
Timeline |
Penguen Gida Sanayi |
Pergamon Status Dis |
Penguen Gida and Pergamon Status Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Penguen Gida and Pergamon Status
The main advantage of trading using opposite Penguen Gida and Pergamon Status positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Penguen Gida position performs unexpectedly, Pergamon Status 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 Pergamon Status will offset losses from the drop in Pergamon Status' long position.Penguen Gida vs. Cuhadaroglu Metal Sanayi | Penguen Gida vs. Gentas Genel Metal | Penguen Gida vs. Koza Anadolu Metal | Penguen Gida vs. Datagate Bilgisayar Malzemeleri |
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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 Stocks Directory module to find actively traded stocks across global markets.
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