Correlation Between BIST Electricity and Galata Wind
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By analyzing existing cross correlation between BIST Electricity and Galata Wind Enerji, you can compare the effects of market volatilities on BIST Electricity and Galata Wind 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 BIST Electricity with a short position of Galata Wind. Check out your portfolio center. Please also check ongoing floating volatility patterns of BIST Electricity and Galata Wind.
Diversification Opportunities for BIST Electricity and Galata Wind
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between BIST and Galata is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding BIST Electricity and Galata Wind Enerji in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Galata Wind Enerji and BIST Electricity 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 BIST Electricity are associated (or correlated) with Galata Wind. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Galata Wind Enerji has no effect on the direction of BIST Electricity i.e., BIST Electricity and Galata Wind go up and down completely randomly.
Pair Corralation between BIST Electricity and Galata Wind
Assuming the 90 days trading horizon BIST Electricity is expected to generate 0.75 times more return on investment than Galata Wind. However, BIST Electricity is 1.33 times less risky than Galata Wind. It trades about -0.08 of its potential returns per unit of risk. Galata Wind Enerji is currently generating about -0.16 per unit of risk. If you would invest 51,935 in BIST Electricity on December 30, 2024 and sell it today you would lose (5,339) from holding BIST Electricity or give up 10.28% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Strong |
Accuracy | 100.0% |
Values | Daily Returns |
BIST Electricity vs. Galata Wind Enerji
Performance |
Timeline |
BIST Electricity and Galata Wind Volatility Contrast
Predicted Return Density |
Returns |
BIST Electricity
Pair trading matchups for BIST Electricity
Galata Wind Enerji
Pair trading matchups for Galata Wind
Pair Trading with BIST Electricity and Galata Wind
The main advantage of trading using opposite BIST Electricity and Galata Wind positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BIST Electricity position performs unexpectedly, Galata Wind 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 Galata Wind will offset losses from the drop in Galata Wind's long position.BIST Electricity vs. Politeknik Metal Sanayi | BIST Electricity vs. Turkish Airlines | BIST Electricity vs. MEGA METAL | BIST Electricity vs. Gentas Genel Metal |
Galata Wind vs. E Data Teknoloji Pazarlama | Galata Wind vs. Koza Anadolu Metal | Galata Wind vs. MEGA METAL | Galata Wind vs. Mackolik Internet Hizmetleri |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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