Correlation Between BIST Electricity and Soktas Tekstil
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By analyzing existing cross correlation between BIST Electricity and Soktas Tekstil Sanayi, you can compare the effects of market volatilities on BIST Electricity and Soktas Tekstil 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 Soktas Tekstil. Check out your portfolio center. Please also check ongoing floating volatility patterns of BIST Electricity and Soktas Tekstil.
Diversification Opportunities for BIST Electricity and Soktas Tekstil
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between BIST and Soktas is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding BIST Electricity and Soktas Tekstil Sanayi in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Soktas Tekstil Sanayi 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 Soktas Tekstil. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Soktas Tekstil Sanayi has no effect on the direction of BIST Electricity i.e., BIST Electricity and Soktas Tekstil go up and down completely randomly.
Pair Corralation between BIST Electricity and Soktas Tekstil
Assuming the 90 days trading horizon BIST Electricity is expected to generate 0.28 times more return on investment than Soktas Tekstil. However, BIST Electricity is 3.61 times less risky than Soktas Tekstil. It trades about 0.14 of its potential returns per unit of risk. Soktas Tekstil Sanayi is currently generating about 0.0 per unit of risk. If you would invest 49,366 in BIST Electricity on September 24, 2024 and sell it today you would earn a total of 1,248 from holding BIST Electricity or generate 2.53% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
BIST Electricity vs. Soktas Tekstil Sanayi
Performance |
Timeline |
BIST Electricity and Soktas Tekstil Volatility Contrast
Predicted Return Density |
Returns |
BIST Electricity
Pair trading matchups for BIST Electricity
Soktas Tekstil Sanayi
Pair trading matchups for Soktas Tekstil
Pair Trading with BIST Electricity and Soktas Tekstil
The main advantage of trading using opposite BIST Electricity and Soktas Tekstil positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BIST Electricity position performs unexpectedly, Soktas Tekstil 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 Soktas Tekstil will offset losses from the drop in Soktas Tekstil'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 |
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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 Global Correlations module to find global opportunities by holding instruments from different markets.
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