Correlation Between Akcansa Cimento and BIST Electricity
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By analyzing existing cross correlation between Akcansa Cimento Sanayi and BIST Electricity, you can compare the effects of market volatilities on Akcansa Cimento and BIST Electricity 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 Akcansa Cimento with a short position of BIST Electricity. Check out your portfolio center. Please also check ongoing floating volatility patterns of Akcansa Cimento and BIST Electricity.
Diversification Opportunities for Akcansa Cimento and BIST Electricity
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Akcansa and BIST is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Akcansa Cimento Sanayi and BIST Electricity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BIST Electricity and Akcansa Cimento 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 Akcansa Cimento Sanayi are associated (or correlated) with BIST Electricity. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BIST Electricity has no effect on the direction of Akcansa Cimento i.e., Akcansa Cimento and BIST Electricity go up and down completely randomly.
Pair Corralation between Akcansa Cimento and BIST Electricity
Assuming the 90 days trading horizon Akcansa Cimento Sanayi is expected to under-perform the BIST Electricity. In addition to that, Akcansa Cimento is 1.29 times more volatile than BIST Electricity. It trades about -0.06 of its total potential returns per unit of risk. BIST Electricity is currently generating about -0.05 per unit of volatility. If you would invest 57,169 in BIST Electricity on March 15, 2024 and sell it today you would lose (3,174) from holding BIST Electricity or give up 5.55% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Akcansa Cimento Sanayi vs. BIST Electricity
Performance |
Timeline |
Akcansa Cimento and BIST Electricity Volatility Contrast
Predicted Return Density |
Returns |
Akcansa Cimento Sanayi
Pair trading matchups for Akcansa Cimento
BIST Electricity
Pair trading matchups for BIST Electricity
Pair Trading with Akcansa Cimento and BIST Electricity
The main advantage of trading using opposite Akcansa Cimento and BIST Electricity positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Akcansa Cimento position performs unexpectedly, BIST Electricity 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 BIST Electricity will offset losses from the drop in BIST Electricity's long position.Akcansa Cimento vs. Turkiye Petrol Rafinerileri | Akcansa Cimento vs. Koc Holding AS | Akcansa Cimento vs. Turkiye Sise ve | Akcansa Cimento vs. Turk Telekomunikasyon AS |
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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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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