Correlation Between ARDAGH METAL and JSC Halyk
Can any of the company-specific risk be diversified away by investing in both ARDAGH METAL 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 ARDAGH METAL and JSC Halyk into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ARDAGH METAL PACDL 0001 and JSC Halyk bank, you can compare the effects of market volatilities on ARDAGH METAL 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 ARDAGH METAL with a short position of JSC Halyk. Check out your portfolio center. Please also check ongoing floating volatility patterns of ARDAGH METAL and JSC Halyk.
Diversification Opportunities for ARDAGH METAL and JSC Halyk
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between ARDAGH and JSC is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding ARDAGH METAL PACDL 0001 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 ARDAGH METAL 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 ARDAGH METAL PACDL 0001 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 ARDAGH METAL i.e., ARDAGH METAL and JSC Halyk go up and down completely randomly.
Pair Corralation between ARDAGH METAL and JSC Halyk
Assuming the 90 days horizon ARDAGH METAL PACDL 0001 is expected to under-perform the JSC Halyk. But the stock apears to be less risky and, when comparing its historical volatility, ARDAGH METAL PACDL 0001 is 1.32 times less risky than JSC Halyk. The stock trades about -0.29 of its potential returns per unit of risk. The JSC Halyk bank is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 1,725 in JSC Halyk bank on October 12, 2024 and sell it today you would earn a total of 155.00 from holding JSC Halyk bank or generate 8.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
ARDAGH METAL PACDL 0001 vs. JSC Halyk bank
Performance |
| Timeline |
| ARDAGH METAL PACDL |
| JSC Halyk bank |
ARDAGH METAL and JSC Halyk Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ARDAGH METAL and JSC Halyk
The main advantage of trading using opposite ARDAGH METAL and JSC Halyk positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ARDAGH METAL 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.| ARDAGH METAL vs. Harmony Gold Mining | ARDAGH METAL vs. Cal Maine Foods | ARDAGH METAL vs. SENECA FOODS A | ARDAGH METAL vs. Eurasia Mining Plc |
| JSC Halyk vs. Commercial Vehicle Group | JSC Halyk vs. Cogent Communications Holdings | JSC Halyk vs. ARDAGH METAL PACDL 0001 | JSC Halyk vs. GRIFFIN MINING LTD |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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