Correlation Between JSC Halyk and ADDUS HOMECARE
Can any of the company-specific risk be diversified away by investing in both JSC Halyk and ADDUS HOMECARE 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 JSC Halyk and ADDUS HOMECARE into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between JSC Halyk bank and ADDUS HOMECARE, you can compare the effects of market volatilities on JSC Halyk and ADDUS HOMECARE 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 JSC Halyk with a short position of ADDUS HOMECARE. Check out your portfolio center. Please also check ongoing floating volatility patterns of JSC Halyk and ADDUS HOMECARE.
Diversification Opportunities for JSC Halyk and ADDUS HOMECARE
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between JSC and ADDUS is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding JSC Halyk bank and ADDUS HOMECARE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ADDUS HOMECARE and JSC Halyk 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 JSC Halyk bank are associated (or correlated) with ADDUS HOMECARE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ADDUS HOMECARE has no effect on the direction of JSC Halyk i.e., JSC Halyk and ADDUS HOMECARE go up and down completely randomly.
Pair Corralation between JSC Halyk and ADDUS HOMECARE
Assuming the 90 days trading horizon JSC Halyk bank is expected to generate 1.94 times more return on investment than ADDUS HOMECARE. However, JSC Halyk is 1.94 times more volatile than ADDUS HOMECARE. It trades about 0.07 of its potential returns per unit of risk. ADDUS HOMECARE is currently generating about 0.03 per unit of risk. If you would invest 709.00 in JSC Halyk bank on October 12, 2024 and sell it today you would earn a total of 1,191 from holding JSC Halyk bank or generate 167.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
JSC Halyk bank vs. ADDUS HOMECARE
Performance |
| Timeline |
| JSC Halyk bank |
| ADDUS HOMECARE |
JSC Halyk and ADDUS HOMECARE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JSC Halyk and ADDUS HOMECARE
The main advantage of trading using opposite JSC Halyk and ADDUS HOMECARE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JSC Halyk position performs unexpectedly, ADDUS HOMECARE 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 ADDUS HOMECARE will offset losses from the drop in ADDUS HOMECARE's long position.| JSC Halyk vs. Wayside Technology Group | JSC Halyk vs. Treasury Wine Estates | JSC Halyk vs. Align Technology | JSC Halyk vs. Casio Computer CoLtd |
| ADDUS HOMECARE vs. American Eagle Outfitters | ADDUS HOMECARE vs. JSC Halyk bank | ADDUS HOMECARE vs. OBSERVE MEDICAL ASA | ADDUS HOMECARE vs. Synovus Financial Corp |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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