Correlation Between Halyk Bank and ImmuPharma PLC
Can any of the company-specific risk be diversified away by investing in both Halyk Bank and ImmuPharma PLC 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 ImmuPharma PLC 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 ImmuPharma PLC, you can compare the effects of market volatilities on Halyk Bank and ImmuPharma PLC 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 ImmuPharma PLC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Halyk Bank and ImmuPharma PLC.
Diversification Opportunities for Halyk Bank and ImmuPharma PLC
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Halyk and ImmuPharma is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding Halyk Bank of and ImmuPharma PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ImmuPharma PLC 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 ImmuPharma PLC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ImmuPharma PLC has no effect on the direction of Halyk Bank i.e., Halyk Bank and ImmuPharma PLC go up and down completely randomly.
Pair Corralation between Halyk Bank and ImmuPharma PLC
Assuming the 90 days trading horizon Halyk Bank of is expected to generate 0.28 times more return on investment than ImmuPharma PLC. However, Halyk Bank of is 3.52 times less risky than ImmuPharma PLC. It trades about -0.1 of its potential returns per unit of risk. ImmuPharma PLC is currently generating about -0.31 per unit of risk. If you would invest 1,960 in Halyk Bank of on September 13, 2024 and sell it today you would lose (68.00) from holding Halyk Bank of or give up 3.47% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Halyk Bank of vs. ImmuPharma PLC
Performance |
| Timeline |
| Halyk Bank |
| ImmuPharma PLC |
Halyk Bank and ImmuPharma PLC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Halyk Bank and ImmuPharma PLC
The main advantage of trading using opposite Halyk Bank and ImmuPharma PLC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Halyk Bank position performs unexpectedly, ImmuPharma PLC 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 ImmuPharma PLC will offset losses from the drop in ImmuPharma PLC's long position.| Halyk Bank vs. Aurora Investment Trust | Halyk Bank vs. Metals Exploration Plc | Halyk Bank vs. Central Asia Metals | Halyk Bank vs. Panther Metals PLC |
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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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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