Correlation Between AMS Small and BIST Electricity
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By analyzing existing cross correlation between AMS Small Cap and BIST Electricity, you can compare the effects of market volatilities on AMS Small 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 AMS Small with a short position of BIST Electricity. Check out your portfolio center. Please also check ongoing floating volatility patterns of AMS Small and BIST Electricity.
Diversification Opportunities for AMS Small and BIST Electricity
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between AMS and BIST is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding AMS Small Cap and BIST Electricity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BIST Electricity and AMS Small 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 AMS Small Cap 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 AMS Small i.e., AMS Small and BIST Electricity go up and down completely randomly.
Pair Corralation between AMS Small and BIST Electricity
Assuming the 90 days trading horizon AMS Small is expected to generate 1.27 times less return on investment than BIST Electricity. But when comparing it to its historical volatility, AMS Small Cap is 2.06 times less risky than BIST Electricity. It trades about 0.07 of its potential returns per unit of risk. BIST Electricity is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 57,793 in BIST Electricity on February 1, 2024 and sell it today you would earn a total of 1,556 from holding BIST Electricity or generate 2.69% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 95.12% |
Values | Daily Returns |
AMS Small Cap vs. BIST Electricity
Performance |
Timeline |
AMS Small and BIST Electricity Volatility Contrast
Predicted Return Density |
Returns |
AMS Small Cap
Pair trading matchups for AMS Small
BIST Electricity
Pair trading matchups for BIST Electricity
Pair Trading with AMS Small and BIST Electricity
The main advantage of trading using opposite AMS Small and BIST Electricity positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AMS Small 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.AMS Small vs. Allfunds Group | AMS Small vs. AMG Advanced Metallurgical | AMS Small vs. Universal Music Group | AMS Small vs. Accsys Technologies |
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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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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