Correlation Between ANGANG STEEL and JSC Halyk
Can any of the company-specific risk be diversified away by investing in both ANGANG STEEL 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 ANGANG STEEL and JSC Halyk into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ANGANG STEEL H and JSC Halyk bank, you can compare the effects of market volatilities on ANGANG STEEL 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 ANGANG STEEL with a short position of JSC Halyk. Check out your portfolio center. Please also check ongoing floating volatility patterns of ANGANG STEEL and JSC Halyk.
Diversification Opportunities for ANGANG STEEL and JSC Halyk
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between ANGANG and JSC is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding ANGANG STEEL H 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 ANGANG STEEL 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 ANGANG STEEL H 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 ANGANG STEEL i.e., ANGANG STEEL and JSC Halyk go up and down completely randomly.
Pair Corralation between ANGANG STEEL and JSC Halyk
Assuming the 90 days trading horizon ANGANG STEEL H is expected to under-perform the JSC Halyk. In addition to that, ANGANG STEEL is 1.02 times more volatile than JSC Halyk bank. It trades about 0.0 of its total potential returns per unit of risk. JSC Halyk bank is currently generating about 0.07 per unit of volatility. If you would invest 786.00 in JSC Halyk bank on October 29, 2024 and sell it today you would earn a total of 1,124 from holding JSC Halyk bank or generate 143.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
ANGANG STEEL H vs. JSC Halyk bank
Performance |
| Timeline |
| ANGANG STEEL H |
| JSC Halyk bank |
ANGANG STEEL and JSC Halyk Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ANGANG STEEL and JSC Halyk
The main advantage of trading using opposite ANGANG STEEL and JSC Halyk positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ANGANG STEEL 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.| ANGANG STEEL vs. Wizz Air Holdings | ANGANG STEEL vs. Canadian Utilities Limited | ANGANG STEEL vs. FAIR ISAAC | ANGANG STEEL vs. NORWEGIAN AIR SHUT |
| JSC Halyk vs. Salesforce | JSC Halyk vs. CODERE ONLINE LUX | JSC Halyk vs. Erste Group Bank | JSC Halyk vs. PACIFIC ONLINE |
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 CEOs Directory module to screen CEOs from public companies around the world.
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