Correlation Between JSC Halyk and UDR
Can any of the company-specific risk be diversified away by investing in both JSC Halyk and UDR 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 UDR 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 UDR Inc, you can compare the effects of market volatilities on JSC Halyk and UDR 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 UDR. Check out your portfolio center. Please also check ongoing floating volatility patterns of JSC Halyk and UDR.
Diversification Opportunities for JSC Halyk and UDR
Very weak diversification
The 3 months correlation between JSC and UDR is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding JSC Halyk bank and UDR Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UDR Inc 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 UDR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UDR Inc has no effect on the direction of JSC Halyk i.e., JSC Halyk and UDR go up and down completely randomly.
Pair Corralation between JSC Halyk and UDR
Assuming the 90 days trading horizon JSC Halyk bank is expected to generate 3.72 times more return on investment than UDR. However, JSC Halyk is 3.72 times more volatile than UDR Inc. It trades about 0.04 of its potential returns per unit of risk. UDR Inc is currently generating about 0.13 per unit of risk. If you would invest 1,524 in JSC Halyk bank on September 3, 2024 and sell it today you would earn a total of 216.00 from holding JSC Halyk bank or generate 14.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
JSC Halyk bank vs. UDR Inc
Performance |
| Timeline |
| JSC Halyk bank |
| UDR Inc |
JSC Halyk and UDR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JSC Halyk and UDR
The main advantage of trading using opposite JSC Halyk and UDR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JSC Halyk position performs unexpectedly, UDR 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 UDR will offset losses from the drop in UDR's long position.| JSC Halyk vs. Alaska Air Group | JSC Halyk vs. ALTAIR RES INC | JSC Halyk vs. NORWEGIAN AIR SHUT | JSC Halyk vs. Enter Air SA |
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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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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