Correlation Between Politeknik Metal and BIST Electricity
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By analyzing existing cross correlation between Politeknik Metal Sanayi and BIST Electricity, you can compare the effects of market volatilities on Politeknik Metal 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 Politeknik Metal with a short position of BIST Electricity. Check out your portfolio center. Please also check ongoing floating volatility patterns of Politeknik Metal and BIST Electricity.
Diversification Opportunities for Politeknik Metal and BIST Electricity
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Politeknik and BIST is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Politeknik Metal Sanayi and BIST Electricity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BIST Electricity and Politeknik Metal 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 Politeknik Metal 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 Politeknik Metal i.e., Politeknik Metal and BIST Electricity go up and down completely randomly.
Pair Corralation between Politeknik Metal and BIST Electricity
Assuming the 90 days trading horizon Politeknik Metal Sanayi is expected to under-perform the BIST Electricity. In addition to that, Politeknik Metal is 2.8 times more volatile than BIST Electricity. It trades about -0.54 of its total potential returns per unit of risk. BIST Electricity is currently generating about -0.24 per unit of volatility. If you would invest 57,877 in BIST Electricity on March 15, 2024 and sell it today you would lose (3,882) from holding BIST Electricity or give up 6.71% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Politeknik Metal Sanayi vs. BIST Electricity
Performance |
Timeline |
Politeknik Metal and BIST Electricity Volatility Contrast
Predicted Return Density |
Returns |
Politeknik Metal Sanayi
Pair trading matchups for Politeknik Metal
BIST Electricity
Pair trading matchups for BIST Electricity
Pair Trading with Politeknik Metal and BIST Electricity
The main advantage of trading using opposite Politeknik Metal and BIST Electricity positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Politeknik Metal 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.Politeknik Metal vs. Turkiye Petrol Rafinerileri | Politeknik Metal vs. Koc Holding AS | Politeknik Metal vs. Turkiye Sise ve | Politeknik Metal vs. Turk Telekomunikasyon AS |
BIST Electricity vs. MEGA METAL | BIST Electricity vs. Politeknik Metal Sanayi | BIST Electricity vs. Bms Birlesik Metal | BIST Electricity vs. Silverline Endustri ve |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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