Correlation Between GRIFFIN MINING and JSC Halyk
Can any of the company-specific risk be diversified away by investing in both GRIFFIN MINING 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 GRIFFIN MINING and JSC Halyk into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GRIFFIN MINING LTD and JSC Halyk bank, you can compare the effects of market volatilities on GRIFFIN MINING 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 GRIFFIN MINING with a short position of JSC Halyk. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRIFFIN MINING and JSC Halyk.
Diversification Opportunities for GRIFFIN MINING and JSC Halyk
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between GRIFFIN and JSC is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding GRIFFIN MINING 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 GRIFFIN MINING 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 GRIFFIN MINING 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 GRIFFIN MINING i.e., GRIFFIN MINING and JSC Halyk go up and down completely randomly.
Pair Corralation between GRIFFIN MINING and JSC Halyk
Assuming the 90 days horizon GRIFFIN MINING is expected to generate 1.39 times less return on investment than JSC Halyk. But when comparing it to its historical volatility, GRIFFIN MINING LTD is 2.03 times less risky than JSC Halyk. It trades about 0.22 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 1,725 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 |
GRIFFIN MINING LTD vs. JSC Halyk bank
Performance |
| Timeline |
| GRIFFIN MINING LTD |
| JSC Halyk bank |
GRIFFIN MINING and JSC Halyk Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GRIFFIN MINING and JSC Halyk
The main advantage of trading using opposite GRIFFIN MINING and JSC Halyk positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRIFFIN MINING 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.| GRIFFIN MINING vs. INTERSHOP Communications Aktiengesellschaft | GRIFFIN MINING vs. Globex Mining Enterprises | GRIFFIN MINING vs. Geely Automobile Holdings | GRIFFIN MINING vs. Yanzhou Coal Mining |
| 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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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