Correlation Between Enter Air and JSC Halyk
Can any of the company-specific risk be diversified away by investing in both Enter Air 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 Enter Air and JSC Halyk into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Enter Air SA and JSC Halyk bank, you can compare the effects of market volatilities on Enter Air 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 Enter Air with a short position of JSC Halyk. Check out your portfolio center. Please also check ongoing floating volatility patterns of Enter Air and JSC Halyk.
Diversification Opportunities for Enter Air and JSC Halyk
Very weak diversification
The 3 months correlation between Enter and JSC is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Enter Air SA 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 Enter Air 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 Enter Air SA 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 Enter Air i.e., Enter Air and JSC Halyk go up and down completely randomly.
Pair Corralation between Enter Air and JSC Halyk
Assuming the 90 days trading horizon Enter Air SA is expected to generate 0.94 times more return on investment than JSC Halyk. However, Enter Air SA is 1.06 times less risky than JSC Halyk. It trades about 0.09 of its potential returns per unit of risk. JSC Halyk bank is currently generating about 0.06 per unit of risk. If you would invest 330.00 in Enter Air SA on September 3, 2024 and sell it today you would earn a total of 882.00 from holding Enter Air SA or generate 267.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Enter Air SA vs. JSC Halyk bank
Performance |
| Timeline |
| Enter Air SA |
| JSC Halyk bank |
Enter Air and JSC Halyk Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Enter Air and JSC Halyk
The main advantage of trading using opposite Enter Air and JSC Halyk positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Enter Air 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.| Enter Air vs. Uber Technologies | Enter Air vs. Playtech plc | Enter Air vs. Hyatt Hotels | Enter Air vs. HYATT HOTELS A |
| JSC Halyk vs. Alaska Air Group | JSC Halyk vs. ALTAIR RES INC | JSC Halyk vs. NORWEGIAN AIR SHUT | JSC Halyk vs. Enter Air SA |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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