Correlation Between Qnb Finansbank and Global Menkul
Can any of the company-specific risk be diversified away by investing in both Qnb Finansbank and Global Menkul at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Qnb Finansbank and Global Menkul into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Qnb Finansbank AS and Global Menkul Degerler, you can compare the effects of market volatilities on Qnb Finansbank and Global Menkul 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 Qnb Finansbank with a short position of Global Menkul. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qnb Finansbank and Global Menkul.
Diversification Opportunities for Qnb Finansbank and Global Menkul
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Qnb and Global is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding Qnb Finansbank AS and Global Menkul Degerler in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Global Menkul Degerler and Qnb Finansbank 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 Qnb Finansbank AS are associated (or correlated) with Global Menkul. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Global Menkul Degerler has no effect on the direction of Qnb Finansbank i.e., Qnb Finansbank and Global Menkul go up and down completely randomly.
Pair Corralation between Qnb Finansbank and Global Menkul
Assuming the 90 days trading horizon Qnb Finansbank AS is expected to under-perform the Global Menkul. But the stock apears to be less risky and, when comparing its historical volatility, Qnb Finansbank AS is 1.97 times less risky than Global Menkul. The stock trades about -0.08 of its potential returns per unit of risk. The Global Menkul Degerler is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 1,040 in Global Menkul Degerler on September 25, 2024 and sell it today you would earn a total of 219.00 from holding Global Menkul Degerler or generate 21.06% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 98.44% |
Values | Daily Returns |
Qnb Finansbank AS vs. Global Menkul Degerler
Performance |
Timeline |
Qnb Finansbank AS |
Global Menkul Degerler |
Qnb Finansbank and Global Menkul Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Qnb Finansbank and Global Menkul
The main advantage of trading using opposite Qnb Finansbank and Global Menkul positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qnb Finansbank position performs unexpectedly, Global Menkul 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 Global Menkul will offset losses from the drop in Global Menkul's long position.Qnb Finansbank vs. SASA Polyester Sanayi | Qnb Finansbank vs. Turkish Airlines | Qnb Finansbank vs. Koc Holding AS | Qnb Finansbank vs. Ford Otomotiv Sanayi |
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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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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