Adaro Energy Correlations

ADOOY Stock

USD 7.13 0.29 3.91%

The current 90-days correlation between Adaro Energy Tbk and Bukit Asam Tbk is -0.12 (i.e., Good diversification). The correlation of Adaro Energy is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Adaro Energy Correlation With Market

Average diversification

The correlation between Adaro Energy Tbk and DJI is 0.1 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Adaro Energy Tbk and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Adaro Energy could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Adaro Energy when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Adaro Energy - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Adaro Energy Tbk to buy it.

Moving against Adaro Pink Sheet

0.61	YZCHF	Yanzhou Coal Mining	Pair Corr
0.49	WHITF	Whitehaven Coal	Pair Corr
0.49	PBMRF	PT Bumi Resources	Pair Corr
0.41	CSUAY	China Shenhua Energy	Pair Corr
0.4	YZCAY	Yanzhou Coal Mining	Pair Corr
0.34	PBCRF	PT Bank Central	Pair Corr
0.32	SMR	Nuscale Power Corp Buyout Trend	Pair Corr
0.41	BTM	Bitcoin Depot	Pair Corr
0.32	DORM	Dorman Products	Pair Corr
0.31	SFM	Sprouts Farmers Market	Pair Corr
0.56	33767BAC3	US33767BAC37	Pair Corr

Related Correlations Analysis

	TNGRF	GRYRF	TBNGY	TERCF	EXXAF	CSUAY	ITAYY	NHPEF	WHITF
TNGRF		-0.02	0.28	0.04	0.44	0.12	-0.45	0.18	0.31	TNGRF
GRYRF	-0.02		0.34	0.42	-0.02	0.64	-0.32	0.35	0.49	GRYRF
TBNGY	0.28	0.34		0.55	0.64	0.25	-0.26	0.59	0.81	TBNGY
TERCF	0.04	0.42	0.55		0.46	0.24	-0.14	0.46	0.56	TERCF
EXXAF	0.44	-0.02	0.64	0.46		0.13	-0.44	0.62	0.72	EXXAF
CSUAY	0.12	0.64	0.25	0.24	0.13		-0.47	0.37	0.52	CSUAY
ITAYY	-0.45	-0.32	-0.26	-0.14	-0.44	-0.47		-0.36	-0.55	ITAYY
NHPEF	0.18	0.35	0.59	0.46	0.62	0.37	-0.36		0.63	NHPEF
WHITF	0.31	0.49	0.81	0.56	0.72	0.52	-0.55	0.63		WHITF
	TNGRF	GRYRF	TBNGY	TERCF	EXXAF	CSUAY	ITAYY	NHPEF	WHITF

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

WHITF	+ 0.81	TBNGY
WHITF	+ 0.72	EXXAF
CSUAY	+ 0.64	GRYRF
EXXAF	+ 0.64	TBNGY
WHITF	+ 0.63	NHPEF
NHPEF	+ 0.62	EXXAF

High negative correlations

WHITF	- 0.55	ITAYY
ITAYY	- 0.47	CSUAY
ITAYY	- 0.45	TNGRF
ITAYY	- 0.44	EXXAF
NHPEF	- 0.36	ITAYY
ITAYY	- 0.32	GRYRF

Risk-Adjusted Indicators

There is a big difference between Adaro Pink Sheet performing well and Adaro Energy Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Adaro Energy's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
TNGRF	2.11	0.00	(0.01)	0.07	2.55	(3.07)	5.15	(4.76)	13.69
GRYRF	1.11	(0.30)	0.00	(0.41)	0.00	0.00	0.00	0.00	32.73
TBNGY	1.06	(0.05)	0.00	0.15	0.00	0.00	4.17	0.00	26.82
TERCF	7.72	(0.48)	0.00	0.40	0.00	0.00	18.18	(20.00)	50.79
EXXAF	6.05	0.20	0.02	0.48	8.49	(5.57)	13.51	(14.13)	36.08
CSUAY	1.56	(0.10)	0.00	(0.83)	0.00	0.00	4.03	(2.99)	11.30
ITAYY	0.73	0.05	0.00	(0.06)	0.00	0.00	1.23	(0.66)	19.85
NHPEF	2.04	(0.09)	0.00	0.45	0.00	0.00	5.61	(6.64)	20.48
WHITF	1.54	(0.24)	0.00	(0.51)	0.00	0.00	3.19	(3.87)	9.48

Be your own money manager

Our tools can tell you how much better you can do entering a position in Adaro Energy without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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Febriati Nadira	Head - Corporate Communication Division	Profile
Mohammad Aman	Chief Director	Profile
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