Correlation Between Halyk Bank and AIM ImmunoTech

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Can any of the company-specific risk be diversified away by investing in both Halyk Bank and AIM ImmunoTech 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 Halyk Bank and AIM ImmunoTech into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Halyk Bank of and AIM ImmunoTech, you can compare the effects of market volatilities on Halyk Bank and AIM ImmunoTech 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 Halyk Bank with a short position of AIM ImmunoTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Halyk Bank and AIM ImmunoTech.

Diversification Opportunities for Halyk Bank and AIM ImmunoTech

-0.54
  Correlation Coefficient

Excellent diversification

The 3 months correlation between Halyk and AIM is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Halyk Bank of and AIM ImmunoTech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AIM ImmunoTech and Halyk Bank 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 Halyk Bank of are associated (or correlated) with AIM ImmunoTech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AIM ImmunoTech has no effect on the direction of Halyk Bank i.e., Halyk Bank and AIM ImmunoTech go up and down completely randomly.

Pair Corralation between Halyk Bank and AIM ImmunoTech

Assuming the 90 days trading horizon Halyk Bank of is expected to generate 0.3 times more return on investment than AIM ImmunoTech. However, Halyk Bank of is 3.29 times less risky than AIM ImmunoTech. It trades about 0.1 of its potential returns per unit of risk. AIM ImmunoTech is currently generating about -0.07 per unit of risk. If you would invest  1,654  in Halyk Bank of on November 2, 2024 and sell it today you would earn a total of  276.00  from holding Halyk Bank of or generate 16.69% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthVery Weak
Accuracy99.06%
ValuesDaily Returns

Halyk Bank of  vs.  AIM ImmunoTech

 Performance 
       Timeline  
Halyk Bank 

Risk-Adjusted Performance

8 of 100

 
Weak
 
Strong
OK
Compared to the overall equity markets, risk-adjusted returns on investments in Halyk Bank of are ranked lower than 8 (%) of all global equities and portfolios over the last 90 days. Despite quite weak essential indicators, Halyk Bank disclosed solid returns over the last few months and may actually be approaching a breakup point.
AIM ImmunoTech 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days AIM ImmunoTech has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of uncertain performance in the last few months, the Stock's basic indicators remain comparatively stable which may send shares a bit higher in March 2025. The newest uproar may also be a sign of mid-term up-swing for the firm private investors.

Halyk Bank and AIM ImmunoTech Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Halyk Bank and AIM ImmunoTech

The main advantage of trading using opposite Halyk Bank and AIM ImmunoTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Halyk Bank position performs unexpectedly, AIM ImmunoTech 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 AIM ImmunoTech will offset losses from the drop in AIM ImmunoTech's long position.
The idea behind Halyk Bank of and AIM ImmunoTech pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.

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