Correlation Between JSC Halyk and VARIOUS EATERIES
Can any of the company-specific risk be diversified away by investing in both JSC Halyk and VARIOUS EATERIES 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 JSC Halyk and VARIOUS EATERIES into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between JSC Halyk bank and VARIOUS EATERIES LS, you can compare the effects of market volatilities on JSC Halyk and VARIOUS EATERIES 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 JSC Halyk with a short position of VARIOUS EATERIES. Check out your portfolio center. Please also check ongoing floating volatility patterns of JSC Halyk and VARIOUS EATERIES.
Diversification Opportunities for JSC Halyk and VARIOUS EATERIES
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between JSC and VARIOUS is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding JSC Halyk bank and VARIOUS EATERIES LS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on VARIOUS EATERIES and JSC Halyk 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 JSC Halyk bank are associated (or correlated) with VARIOUS EATERIES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of VARIOUS EATERIES has no effect on the direction of JSC Halyk i.e., JSC Halyk and VARIOUS EATERIES go up and down completely randomly.
Pair Corralation between JSC Halyk and VARIOUS EATERIES
Assuming the 90 days trading horizon JSC Halyk bank is expected to generate 2.54 times more return on investment than VARIOUS EATERIES. However, JSC Halyk is 2.54 times more volatile than VARIOUS EATERIES LS. It trades about 0.1 of its potential returns per unit of risk. VARIOUS EATERIES LS is currently generating about 0.01 per unit of risk. If you would invest 1,460 in JSC Halyk bank on September 13, 2024 and sell it today you would earn a total of 320.00 from holding JSC Halyk bank or generate 21.92% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
JSC Halyk bank vs. VARIOUS EATERIES LS
Performance |
Timeline |
JSC Halyk bank |
VARIOUS EATERIES |
JSC Halyk and VARIOUS EATERIES Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with JSC Halyk and VARIOUS EATERIES
The main advantage of trading using opposite JSC Halyk and VARIOUS EATERIES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JSC Halyk position performs unexpectedly, VARIOUS EATERIES 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 VARIOUS EATERIES will offset losses from the drop in VARIOUS EATERIES's long position.JSC Halyk vs. China Merchants Bank | JSC Halyk vs. HDFC Bank Limited | JSC Halyk vs. ICICI Bank Limited | JSC Halyk vs. PT Bank Central |
VARIOUS EATERIES vs. Starbucks | VARIOUS EATERIES vs. Superior Plus Corp | VARIOUS EATERIES vs. SIVERS SEMICONDUCTORS AB | VARIOUS EATERIES vs. NorAm Drilling AS |
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.
Other Complementary Tools
Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities |