Correlation Between GALENA MINING and JSC Halyk
Can any of the company-specific risk be diversified away by investing in both GALENA MINING and JSC Halyk 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 GALENA MINING and JSC Halyk into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GALENA MINING LTD and JSC Halyk bank, you can compare the effects of market volatilities on GALENA MINING and JSC Halyk 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 GALENA MINING with a short position of JSC Halyk. Check out your portfolio center. Please also check ongoing floating volatility patterns of GALENA MINING and JSC Halyk.
Diversification Opportunities for GALENA MINING and JSC Halyk
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GALENA and JSC is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GALENA MINING LTD and JSC Halyk bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JSC Halyk bank and GALENA MINING 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 GALENA MINING LTD are associated (or correlated) with JSC Halyk. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JSC Halyk bank has no effect on the direction of GALENA MINING i.e., GALENA MINING and JSC Halyk go up and down completely randomly.
Pair Corralation between GALENA MINING and JSC Halyk
If you would invest 1,725 in JSC Halyk bank on December 2, 2024 and sell it today you would earn a total of 195.00 from holding JSC Halyk bank or generate 11.3% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 98.36% |
Values | Daily Returns |
GALENA MINING LTD vs. JSC Halyk bank
Performance |
Timeline |
GALENA MINING LTD |
JSC Halyk bank |
GALENA MINING and JSC Halyk Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with GALENA MINING and JSC Halyk
The main advantage of trading using opposite GALENA MINING and JSC Halyk positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GALENA MINING position performs unexpectedly, JSC Halyk 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 JSC Halyk will offset losses from the drop in JSC Halyk's long position.GALENA MINING vs. United Natural Foods | GALENA MINING vs. PSI Software AG | GALENA MINING vs. SENECA FOODS A | GALENA MINING vs. Alfa Financial Software |
JSC Halyk vs. Sunny Optical Technology | JSC Halyk vs. Sumitomo Mitsui Construction | JSC Halyk vs. Take Two Interactive Software | JSC Halyk vs. Check Point Software |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Other Complementary Tools
Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios |