Correlation Between Corsair Gaming and BANK MANDIRI
Can any of the company-specific risk be diversified away by investing in both Corsair Gaming 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 Corsair Gaming and BANK MANDIRI into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Corsair Gaming and BANK MANDIRI, you can compare the effects of market volatilities on Corsair Gaming 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 Corsair Gaming with a short position of BANK MANDIRI. Check out your portfolio center. Please also check ongoing floating volatility patterns of Corsair Gaming and BANK MANDIRI.
Diversification Opportunities for Corsair Gaming and BANK MANDIRI
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Corsair and BANK is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Corsair Gaming and BANK MANDIRI in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BANK MANDIRI and Corsair Gaming 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 Corsair Gaming 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 Corsair Gaming i.e., Corsair Gaming and BANK MANDIRI go up and down completely randomly.
Pair Corralation between Corsair Gaming and BANK MANDIRI
Assuming the 90 days horizon Corsair Gaming is expected to under-perform the BANK MANDIRI. In addition to that, Corsair Gaming is 1.53 times more volatile than BANK MANDIRI. It trades about -0.01 of its total potential returns per unit of risk. BANK MANDIRI is currently generating about 0.0 per unit of volatility. If you would invest 36.00 in BANK MANDIRI on October 27, 2024 and sell it today you would lose (2.00) from holding BANK MANDIRI or give up 5.56% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Corsair Gaming vs. BANK MANDIRI
Performance |
| Timeline |
| Corsair Gaming |
| BANK MANDIRI |
Corsair Gaming and BANK MANDIRI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Corsair Gaming and BANK MANDIRI
The main advantage of trading using opposite Corsair Gaming and BANK MANDIRI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Corsair Gaming 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.| Corsair Gaming vs. CN DATANG C | Corsair Gaming vs. Cass Information Systems | Corsair Gaming vs. Chesapeake Utilities | Corsair Gaming vs. Stewart Information Services |
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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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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