Correlation Between OURGAME INTHOLDL-00005 and BANK MANDIRI
Can any of the company-specific risk be diversified away by investing in both OURGAME INTHOLDL-00005 and BANK MANDIRI 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 OURGAME INTHOLDL-00005 and BANK MANDIRI into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between OURGAME INTHOLDL 00005 and BANK MANDIRI, you can compare the effects of market volatilities on OURGAME INTHOLDL-00005 and BANK MANDIRI 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 OURGAME INTHOLDL-00005 with a short position of BANK MANDIRI. Check out your portfolio center. Please also check ongoing floating volatility patterns of OURGAME INTHOLDL-00005 and BANK MANDIRI.
Diversification Opportunities for OURGAME INTHOLDL-00005 and BANK MANDIRI
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between OURGAME and BANK is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding OURGAME INTHOLDL 00005 and BANK MANDIRI in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BANK MANDIRI and OURGAME INTHOLDL-00005 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 OURGAME INTHOLDL 00005 are associated (or correlated) with BANK MANDIRI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BANK MANDIRI has no effect on the direction of OURGAME INTHOLDL-00005 i.e., OURGAME INTHOLDL-00005 and BANK MANDIRI go up and down completely randomly.
Pair Corralation between OURGAME INTHOLDL-00005 and BANK MANDIRI
Assuming the 90 days horizon OURGAME INTHOLDL 00005 is expected to generate 4.73 times more return on investment than BANK MANDIRI. However, OURGAME INTHOLDL-00005 is 4.73 times more volatile than BANK MANDIRI. It trades about 0.03 of its potential returns per unit of risk. BANK MANDIRI is currently generating about 0.03 per unit of risk. If you would invest 2.85 in OURGAME INTHOLDL 00005 on August 27, 2024 and sell it today you would lose (1.25) from holding OURGAME INTHOLDL 00005 or give up 43.86% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.75% |
| Values | Daily Returns |
OURGAME INTHOLDL 00005 vs. BANK MANDIRI
Performance |
| Timeline |
| OURGAME INTHOLDL 00005 |
| BANK MANDIRI |
OURGAME INTHOLDL-00005 and BANK MANDIRI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with OURGAME INTHOLDL-00005 and BANK MANDIRI
The main advantage of trading using opposite OURGAME INTHOLDL-00005 and BANK MANDIRI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OURGAME INTHOLDL-00005 position performs unexpectedly, BANK MANDIRI 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 BANK MANDIRI will offset losses from the drop in BANK MANDIRI's long position.| OURGAME INTHOLDL-00005 vs. Sea Limited | OURGAME INTHOLDL-00005 vs. NEXON Co | OURGAME INTHOLDL-00005 vs. Bilibili |
| BANK MANDIRI vs. OURGAME INTHOLDL 00005 | BANK MANDIRI vs. TSOGO SUN GAMING | BANK MANDIRI vs. Penn National Gaming | BANK MANDIRI vs. Samsung Electronics Co |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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