Correlation Between BIST Electricity and Oyak Cimento
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By analyzing existing cross correlation between BIST Electricity and Oyak Cimento Fabrikalari, you can compare the effects of market volatilities on BIST Electricity and Oyak Cimento 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 Oyak Cimento. Check out your portfolio center. Please also check ongoing floating volatility patterns of BIST Electricity and Oyak Cimento.
Diversification Opportunities for BIST Electricity and Oyak Cimento
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between BIST and Oyak is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding BIST Electricity and Oyak Cimento Fabrikalari in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oyak Cimento Fabrikalari 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 Oyak Cimento. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oyak Cimento Fabrikalari has no effect on the direction of BIST Electricity i.e., BIST Electricity and Oyak Cimento go up and down completely randomly.
Pair Corralation between BIST Electricity and Oyak Cimento
Assuming the 90 days trading horizon BIST Electricity is expected to generate 8.35 times less return on investment than Oyak Cimento. But when comparing it to its historical volatility, BIST Electricity is 3.23 times less risky than Oyak Cimento. It trades about 0.14 of its potential returns per unit of risk. Oyak Cimento Fabrikalari is currently generating about 0.37 of returns per unit of risk over similar time horizon. If you would invest 1,751 in Oyak Cimento Fabrikalari on September 24, 2024 and sell it today you would earn a total of 401.00 from holding Oyak Cimento Fabrikalari or generate 22.9% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
BIST Electricity vs. Oyak Cimento Fabrikalari
Performance |
Timeline |
BIST Electricity and Oyak Cimento Volatility Contrast
Predicted Return Density |
Returns |
BIST Electricity
Pair trading matchups for BIST Electricity
Oyak Cimento Fabrikalari
Pair trading matchups for Oyak Cimento
Pair Trading with BIST Electricity and Oyak Cimento
The main advantage of trading using opposite BIST Electricity and Oyak Cimento positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BIST Electricity position performs unexpectedly, Oyak Cimento 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 Oyak Cimento will offset losses from the drop in Oyak Cimento's long position.BIST Electricity vs. Politeknik Metal Sanayi | BIST Electricity vs. Bms Birlesik Metal | BIST Electricity vs. Sekerbank TAS | BIST Electricity vs. Koza Anadolu Metal |
Oyak Cimento vs. Turkiye Kalkinma Bankasi | Oyak Cimento vs. MEGA METAL | Oyak Cimento vs. Bms Birlesik Metal | Oyak Cimento vs. Koza Anadolu Metal |
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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