Correlation Between GREENX METALS and JSC Halyk
Can any of the company-specific risk be diversified away by investing in both GREENX METALS 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 GREENX METALS and JSC Halyk into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GREENX METALS LTD and JSC Halyk bank, you can compare the effects of market volatilities on GREENX METALS 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 GREENX METALS with a short position of JSC Halyk. Check out your portfolio center. Please also check ongoing floating volatility patterns of GREENX METALS and JSC Halyk.
Diversification Opportunities for GREENX METALS and JSC Halyk
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between GREENX and JSC is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding GREENX METALS LTD 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 GREENX METALS 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 GREENX METALS LTD 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 GREENX METALS i.e., GREENX METALS and JSC Halyk go up and down completely randomly.
Pair Corralation between GREENX METALS and JSC Halyk
Assuming the 90 days trading horizon GREENX METALS LTD is expected to under-perform the JSC Halyk. In addition to that, GREENX METALS is 1.13 times more volatile than JSC Halyk bank. It trades about -0.02 of its total potential returns per unit of risk. JSC Halyk bank is currently generating about 0.04 per unit of volatility. If you would invest 1,543 in JSC Halyk bank on September 23, 2024 and sell it today you would earn a total of 157.00 from holding JSC Halyk bank or generate 10.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
GREENX METALS LTD vs. JSC Halyk bank
Performance |
| Timeline |
| GREENX METALS LTD |
| JSC Halyk bank |
GREENX METALS and JSC Halyk Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GREENX METALS and JSC Halyk
The main advantage of trading using opposite GREENX METALS and JSC Halyk positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GREENX METALS 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.| GREENX METALS vs. Shin Etsu Chemical Co | GREENX METALS vs. GALENA MINING LTD | GREENX METALS vs. Quaker Chemical | GREENX METALS vs. Silicon Motion Technology |
| JSC Halyk vs. China Merchants Bank | JSC Halyk vs. HDFC Bank Limited | JSC Halyk vs. ICICI Bank Limited | JSC Halyk vs. PT Bank Central |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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