Correlation Between JSC Halyk and Axcelis Technologies

Can any of the company-specific risk be diversified away by investing in both JSC Halyk and Axcelis Technologies 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 Axcelis Technologies 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 Axcelis Technologies, you can compare the effects of market volatilities on JSC Halyk and Axcelis Technologies 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 Axcelis Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of JSC Halyk and Axcelis Technologies.

Diversification Opportunities for JSC Halyk and Axcelis Technologies

-0.84

Correlation Coefficient

JSC Halyk  Axcelis Technologies

Pay attention - limited upside

The 3 months correlation between JSC and Axcelis is -0.84. Overlapping area represents the amount of risk that can be diversified away by holding JSC Halyk bank and Axcelis Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Axcelis Technologies 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 Axcelis Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Axcelis Technologies has no effect on the direction of JSC Halyk i.e., JSC Halyk and Axcelis Technologies go up and down completely randomly.

Pair Corralation between JSC Halyk and Axcelis Technologies

Assuming the 90 days trading horizon JSC Halyk bank is expected to generate 1.46 times more return on investment than Axcelis Technologies. However, JSC Halyk is 1.46 times more volatile than Axcelis Technologies. It trades about 0.26 of its potential returns per unit of risk. Axcelis Technologies is currently generating about -0.01 per unit of risk. If you would invest  1,725  in JSC Halyk bank on October 8, 2024 and sell it today you would earn a total of  265.00  from holding JSC Halyk bank or generate 15.36% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Significant
Accuracy	100.0%
Values	Daily Returns

JSC Halyk bank  vs.  Axcelis Technologies

JSC Halyk bank

Risk-Adjusted Performance

12 of 100

Good

Compared to the overall equity markets, risk-adjusted returns on investments in JSC Halyk bank are ranked lower than 12 (%) of all global equities and portfolios over the last 90 days. Despite nearly fragile essential indicators, JSC Halyk reported solid returns over the last few months and may actually be approaching a breakup point.

Axcelis Technologies

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days Axcelis Technologies has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of uncertain performance in the last few months, the Stock's basic indicators remain comparatively stable which may send shares a bit higher in February 2025. The newest uproar may also be a sign of mid-term up-swing for the firm private investors.

Pair Trading with JSC Halyk and Axcelis Technologies

The main advantage of trading using opposite JSC Halyk and Axcelis Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JSC Halyk position performs unexpectedly, Axcelis Technologies 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 Axcelis Technologies will offset losses from the drop in Axcelis Technologies' long position.

The idea behind JSC Halyk bank and Axcelis Technologies pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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 Stocks Directory module to find actively traded stocks across global markets.