Correlation Between PT Jasa and Air Lease
Can any of the company-specific risk be diversified away by investing in both PT Jasa and Air Lease 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 PT Jasa and Air Lease into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PT Jasa Marga and Air Lease, you can compare the effects of market volatilities on PT Jasa and Air Lease 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 PT Jasa with a short position of Air Lease. Check out your portfolio center. Please also check ongoing floating volatility patterns of PT Jasa and Air Lease.
Diversification Opportunities for PT Jasa and Air Lease
Very good diversification
The 3 months correlation between 0JM and Air is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding PT Jasa Marga and Air Lease in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Air Lease and PT Jasa 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 PT Jasa Marga are associated (or correlated) with Air Lease. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Air Lease has no effect on the direction of PT Jasa i.e., PT Jasa and Air Lease go up and down completely randomly.
Pair Corralation between PT Jasa and Air Lease
Assuming the 90 days horizon PT Jasa Marga is expected to under-perform the Air Lease. In addition to that, PT Jasa is 1.28 times more volatile than Air Lease. It trades about -0.14 of its total potential returns per unit of risk. Air Lease is currently generating about 0.29 per unit of volatility. If you would invest 4,060 in Air Lease on August 24, 2024 and sell it today you would earn a total of 480.00 from holding Air Lease or generate 11.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
PT Jasa Marga vs. Air Lease
Performance |
| Timeline |
| PT Jasa Marga |
| Air Lease |
PT Jasa and Air Lease Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PT Jasa and Air Lease
The main advantage of trading using opposite PT Jasa and Air Lease positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PT Jasa position performs unexpectedly, Air Lease 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 Air Lease will offset losses from the drop in Air Lease's long position.| PT Jasa vs. Transurban Group | PT Jasa vs. Getlink SE | PT Jasa vs. Jiangsu Expressway | PT Jasa vs. Zhejiang Expressway Co |
| Air Lease vs. United Rentals | Air Lease vs. WillScot Mobile Mini | Air Lease vs. Superior Plus Corp | Air Lease vs. NMI Holdings |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
Other Complementary Tools
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |