Correlation Between JSC Halyk and FONIX MOBILE
Can any of the company-specific risk be diversified away by investing in both JSC Halyk and FONIX MOBILE 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 FONIX MOBILE 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 FONIX MOBILE PLC, you can compare the effects of market volatilities on JSC Halyk and FONIX MOBILE 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 FONIX MOBILE. Check out your portfolio center. Please also check ongoing floating volatility patterns of JSC Halyk and FONIX MOBILE.
Diversification Opportunities for JSC Halyk and FONIX MOBILE
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between JSC and FONIX is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding JSC Halyk bank and FONIX MOBILE PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FONIX MOBILE PLC 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 FONIX MOBILE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FONIX MOBILE PLC has no effect on the direction of JSC Halyk i.e., JSC Halyk and FONIX MOBILE go up and down completely randomly.
Pair Corralation between JSC Halyk and FONIX MOBILE
Assuming the 90 days trading horizon JSC Halyk bank is expected to generate 2.09 times more return on investment than FONIX MOBILE. However, JSC Halyk is 2.09 times more volatile than FONIX MOBILE PLC. It trades about 0.21 of its potential returns per unit of risk. FONIX MOBILE PLC is currently generating about 0.06 per unit of risk. If you would invest 1,725 in JSC Halyk bank on October 10, 2024 and sell it today you would earn a total of 225.00 from holding JSC Halyk bank or generate 13.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 94.44% |
| Values | Daily Returns |
JSC Halyk bank vs. FONIX MOBILE PLC
Performance |
| Timeline |
| JSC Halyk bank |
| FONIX MOBILE PLC |
JSC Halyk and FONIX MOBILE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JSC Halyk and FONIX MOBILE
The main advantage of trading using opposite JSC Halyk and FONIX MOBILE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JSC Halyk position performs unexpectedly, FONIX MOBILE 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 FONIX MOBILE will offset losses from the drop in FONIX MOBILE's long position.| JSC Halyk vs. Scottish Mortgage Investment | JSC Halyk vs. CHRYSALIS INVESTMENTS LTD | JSC Halyk vs. Laureate Education | JSC Halyk vs. EMBARK EDUCATION LTD |
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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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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