Correlation Between CapitaLand Investment and JSC Halyk
Can any of the company-specific risk be diversified away by investing in both CapitaLand Investment 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 CapitaLand Investment and JSC Halyk into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CapitaLand Investment Limited and JSC Halyk bank, you can compare the effects of market volatilities on CapitaLand Investment 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 CapitaLand Investment with a short position of JSC Halyk. Check out your portfolio center. Please also check ongoing floating volatility patterns of CapitaLand Investment and JSC Halyk.
Diversification Opportunities for CapitaLand Investment and JSC Halyk
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between CapitaLand and JSC is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding CapitaLand Investment Limited 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 CapitaLand Investment 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 CapitaLand Investment Limited 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 CapitaLand Investment i.e., CapitaLand Investment and JSC Halyk go up and down completely randomly.
Pair Corralation between CapitaLand Investment and JSC Halyk
Assuming the 90 days horizon CapitaLand Investment is expected to generate 105.65 times less return on investment than JSC Halyk. But when comparing it to its historical volatility, CapitaLand Investment Limited is 3.67 times less risky than JSC Halyk. It trades about 0.01 of its potential returns per unit of risk. JSC Halyk bank is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 1,630 in JSC Halyk bank on August 29, 2024 and sell it today you would earn a total of 210.00 from holding JSC Halyk bank or generate 12.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CapitaLand Investment Limited vs. JSC Halyk bank
Performance |
| Timeline |
| CapitaLand Investment |
| JSC Halyk bank |
CapitaLand Investment and JSC Halyk Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CapitaLand Investment and JSC Halyk
The main advantage of trading using opposite CapitaLand Investment and JSC Halyk positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CapitaLand Investment 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.| CapitaLand Investment vs. Vonovia SE | CapitaLand Investment vs. Wharf Real Estate | CapitaLand Investment vs. Superior Plus Corp | CapitaLand Investment vs. NMI Holdings |
| JSC Halyk vs. Rayonier Advanced Materials | JSC Halyk vs. SBA Communications Corp | JSC Halyk vs. Summit Materials | JSC Halyk vs. Ribbon Communications |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital |