Correlation Between DAX Index and JSC Halyk
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By analyzing existing cross correlation between DAX Index and JSC Halyk bank, you can compare the effects of market volatilities on DAX Index 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 DAX Index with a short position of JSC Halyk. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and JSC Halyk.
Diversification Opportunities for DAX Index and JSC Halyk
Very weak diversification
The 3 months correlation between DAX and JSC is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index 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 DAX Index 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 DAX Index 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 DAX Index i.e., DAX Index and JSC Halyk go up and down completely randomly.
Pair Corralation between DAX Index and JSC Halyk
Assuming the 90 days trading horizon DAX Index is expected to under-perform the JSC Halyk. But the index apears to be less risky and, when comparing its historical volatility, DAX Index is 4.4 times less risky than JSC Halyk. The index trades about -0.05 of its potential returns per unit of risk. The JSC Halyk bank is currently generating about 0.13 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 170.00 from holding JSC Halyk bank or generate 10.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
DAX Index vs. JSC Halyk bank
Performance |
| Timeline |
DAX Index and JSC Halyk Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
JSC Halyk bank
Pair trading matchups for JSC Halyk
Pair Trading with DAX Index and JSC Halyk
The main advantage of trading using opposite DAX Index and JSC Halyk positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index 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.| DAX Index vs. ELMOS SEMICONDUCTOR | DAX Index vs. ALTAIR RES INC | DAX Index vs. Fair Isaac Corp | DAX Index vs. Taiwan Semiconductor Manufacturing |
| JSC Halyk vs. Lifeway Foods | JSC Halyk vs. SMA Solar Technology | JSC Halyk vs. Food Life Companies | JSC Halyk vs. X FAB Silicon Foundries |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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