Correlation Between JSC Halyk and Rmy Cointreau
Can any of the company-specific risk be diversified away by investing in both JSC Halyk and Rmy Cointreau 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 Rmy Cointreau 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 Rmy Cointreau SA, you can compare the effects of market volatilities on JSC Halyk and Rmy Cointreau 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 Rmy Cointreau. Check out your portfolio center. Please also check ongoing floating volatility patterns of JSC Halyk and Rmy Cointreau.
Diversification Opportunities for JSC Halyk and Rmy Cointreau
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between JSC and Rmy is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding JSC Halyk bank and Rmy Cointreau SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Rmy Cointreau SA 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 Rmy Cointreau. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Rmy Cointreau SA has no effect on the direction of JSC Halyk i.e., JSC Halyk and Rmy Cointreau go up and down completely randomly.
Pair Corralation between JSC Halyk and Rmy Cointreau
Assuming the 90 days trading horizon JSC Halyk bank is expected to generate 1.44 times more return on investment than Rmy Cointreau. However, JSC Halyk is 1.44 times more volatile than Rmy Cointreau SA. It trades about 0.1 of its potential returns per unit of risk. Rmy Cointreau SA is currently generating about -0.02 per unit of risk. If you would invest 1,763 in JSC Halyk bank on October 26, 2024 and sell it today you would earn a total of 187.00 from holding JSC Halyk bank or generate 10.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
JSC Halyk bank vs. Rmy Cointreau SA
Performance |
| Timeline |
| JSC Halyk bank |
| Rmy Cointreau SA |
JSC Halyk and Rmy Cointreau Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JSC Halyk and Rmy Cointreau
The main advantage of trading using opposite JSC Halyk and Rmy Cointreau positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JSC Halyk position performs unexpectedly, Rmy Cointreau 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 Rmy Cointreau will offset losses from the drop in Rmy Cointreau's long position.| JSC Halyk vs. Westinghouse Air Brake | JSC Halyk vs. Martin Marietta Materials | JSC Halyk vs. SYSTEMAIR AB | JSC Halyk vs. THRACE PLASTICS |
| Rmy Cointreau vs. Penn National Gaming | Rmy Cointreau vs. MOVIE GAMES SA | Rmy Cointreau vs. MAVEN WIRELESS SWEDEN | Rmy Cointreau vs. Gaming and Leisure |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
Other Complementary Tools
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Transaction History View history of all your transactions and understand their impact on performance |