Correlation Between BIST Electricity and Alkim Kagit
Specify exactly 2 symbols:
By analyzing existing cross correlation between BIST Electricity and Alkim Kagit Sanayi, you can compare the effects of market volatilities on BIST Electricity and Alkim Kagit 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 Alkim Kagit. Check out your portfolio center. Please also check ongoing floating volatility patterns of BIST Electricity and Alkim Kagit.
Diversification Opportunities for BIST Electricity and Alkim Kagit
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between BIST and Alkim is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding BIST Electricity and Alkim Kagit Sanayi in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Alkim Kagit 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 Alkim Kagit. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Alkim Kagit Sanayi has no effect on the direction of BIST Electricity i.e., BIST Electricity and Alkim Kagit go up and down completely randomly.
Pair Corralation between BIST Electricity and Alkim Kagit
Assuming the 90 days trading horizon BIST Electricity is expected to generate 0.59 times more return on investment than Alkim Kagit. However, BIST Electricity is 1.69 times less risky than Alkim Kagit. It trades about 0.15 of its potential returns per unit of risk. Alkim Kagit Sanayi is currently generating about 0.07 per unit of risk. If you would invest 13,398 in BIST Electricity on February 3, 2024 and sell it today you would earn a total of 47,694 from holding BIST Electricity or generate 355.98% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 99.2% |
Values | Daily Returns |
BIST Electricity vs. Alkim Kagit Sanayi
Performance |
Timeline |
BIST Electricity and Alkim Kagit Volatility Contrast
Predicted Return Density |
Returns |
BIST Electricity
Pair trading matchups for BIST Electricity
Alkim Kagit Sanayi
Pair trading matchups for Alkim Kagit
Pair Trading with BIST Electricity and Alkim Kagit
The main advantage of trading using opposite BIST Electricity and Alkim Kagit positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BIST Electricity position performs unexpectedly, Alkim Kagit 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 Alkim Kagit will offset losses from the drop in Alkim Kagit's long position.BIST Electricity vs. Gentas Genel Metal | BIST Electricity vs. Cuhadaroglu Metal Sanayi | BIST Electricity vs. Koza Anadolu Metal |
Alkim Kagit vs. Yaprak Sut ve | Alkim Kagit vs. Flap Kongre Toplanti | Alkim Kagit vs. Trend Gayrimenkul Yatirim | Alkim Kagit vs. Ege 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.
Other Complementary Tools
Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
Commodity Directory Find actively traded commodities issued by global exchanges | |
Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Fundamental Analysis View fundamental data based on most recent published financial statements | |
Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like |