Correlation Between BIST Electricity and Turcas Petrol
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By analyzing existing cross correlation between BIST Electricity and Turcas Petrol AS, you can compare the effects of market volatilities on BIST Electricity and Turcas Petrol 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 Turcas Petrol. Check out your portfolio center. Please also check ongoing floating volatility patterns of BIST Electricity and Turcas Petrol.
Diversification Opportunities for BIST Electricity and Turcas Petrol
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between BIST and Turcas is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding BIST Electricity and Turcas Petrol AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Turcas Petrol AS 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 Turcas Petrol. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Turcas Petrol AS has no effect on the direction of BIST Electricity i.e., BIST Electricity and Turcas Petrol go up and down completely randomly.
Pair Corralation between BIST Electricity and Turcas Petrol
Assuming the 90 days trading horizon BIST Electricity is expected to generate 0.33 times more return on investment than Turcas Petrol. However, BIST Electricity is 3.04 times less risky than Turcas Petrol. It trades about 0.39 of its potential returns per unit of risk. Turcas Petrol AS is currently generating about -0.13 per unit of risk. If you would invest 57,061 in BIST Electricity on February 6, 2024 and sell it today you would earn a total of 4,031 from holding BIST Electricity or generate 7.06% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
BIST Electricity vs. Turcas Petrol AS
Performance |
Timeline |
BIST Electricity and Turcas Petrol Volatility Contrast
Predicted Return Density |
Returns |
BIST Electricity
Pair trading matchups for BIST Electricity
Turcas Petrol AS
Pair trading matchups for Turcas Petrol
Pair Trading with BIST Electricity and Turcas Petrol
The main advantage of trading using opposite BIST Electricity and Turcas Petrol positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BIST Electricity position performs unexpectedly, Turcas Petrol 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 Turcas Petrol will offset losses from the drop in Turcas Petrol's long position.BIST Electricity vs. E Data Teknoloji Pazarlama | BIST Electricity vs. Bms Birlesik Metal | BIST Electricity vs. Trabzonspor Sportif Yatirim | BIST Electricity vs. Gentas Genel Metal |
Turcas Petrol vs. Galatasaray Sportif Sinai | Turcas Petrol vs. Gentas Genel Metal | Turcas Petrol vs. Cuhadaroglu Metal Sanayi | Turcas Petrol vs. Bms Birlesik 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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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