Correlation Between Halyk Bank and MyHealthChecked Plc
Can any of the company-specific risk be diversified away by investing in both Halyk Bank and MyHealthChecked Plc 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 Halyk Bank and MyHealthChecked Plc into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Halyk Bank of and MyHealthChecked Plc, you can compare the effects of market volatilities on Halyk Bank and MyHealthChecked Plc 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 Halyk Bank with a short position of MyHealthChecked Plc. Check out your portfolio center. Please also check ongoing floating volatility patterns of Halyk Bank and MyHealthChecked Plc.
Diversification Opportunities for Halyk Bank and MyHealthChecked Plc
-0.73 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Halyk and MyHealthChecked is -0.73. Overlapping area represents the amount of risk that can be diversified away by holding Halyk Bank of and MyHealthChecked Plc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MyHealthChecked Plc and Halyk Bank 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 Halyk Bank of are associated (or correlated) with MyHealthChecked Plc. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MyHealthChecked Plc has no effect on the direction of Halyk Bank i.e., Halyk Bank and MyHealthChecked Plc go up and down completely randomly.
Pair Corralation between Halyk Bank and MyHealthChecked Plc
Assuming the 90 days trading horizon Halyk Bank is expected to generate 1.97 times less return on investment than MyHealthChecked Plc. But when comparing it to its historical volatility, Halyk Bank of is 2.32 times less risky than MyHealthChecked Plc. It trades about 0.04 of its potential returns per unit of risk. MyHealthChecked Plc is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 975.00 in MyHealthChecked Plc on September 24, 2024 and sell it today you would earn a total of 100.00 from holding MyHealthChecked Plc or generate 10.26% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 98.81% |
Values | Daily Returns |
Halyk Bank of vs. MyHealthChecked Plc
Performance |
Timeline |
Halyk Bank |
MyHealthChecked Plc |
Halyk Bank and MyHealthChecked Plc Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Halyk Bank and MyHealthChecked Plc
The main advantage of trading using opposite Halyk Bank and MyHealthChecked Plc positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Halyk Bank position performs unexpectedly, MyHealthChecked Plc 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 MyHealthChecked Plc will offset losses from the drop in MyHealthChecked Plc's long position.Halyk Bank vs. CVR Energy | Halyk Bank vs. Viridian Therapeutics | Halyk Bank vs. Nationwide Building Society | Halyk Bank vs. Digital Realty Trust |
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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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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