Correlation Between PLAYSTUDIOS and BANK MANDIRI
Can any of the company-specific risk be diversified away by investing in both PLAYSTUDIOS 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 PLAYSTUDIOS and BANK MANDIRI into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PLAYSTUDIOS A DL 0001 and BANK MANDIRI, you can compare the effects of market volatilities on PLAYSTUDIOS 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 PLAYSTUDIOS with a short position of BANK MANDIRI. Check out your portfolio center. Please also check ongoing floating volatility patterns of PLAYSTUDIOS and BANK MANDIRI.
Diversification Opportunities for PLAYSTUDIOS and BANK MANDIRI
-0.7 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between PLAYSTUDIOS and BANK is -0.7. Overlapping area represents the amount of risk that can be diversified away by holding PLAYSTUDIOS A DL 0001 and BANK MANDIRI in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BANK MANDIRI and PLAYSTUDIOS 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 PLAYSTUDIOS A DL 0001 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 PLAYSTUDIOS i.e., PLAYSTUDIOS and BANK MANDIRI go up and down completely randomly.
Pair Corralation between PLAYSTUDIOS and BANK MANDIRI
Assuming the 90 days horizon PLAYSTUDIOS A DL 0001 is expected to under-perform the BANK MANDIRI. But the stock apears to be less risky and, when comparing its historical volatility, PLAYSTUDIOS A DL 0001 is 1.25 times less risky than BANK MANDIRI. The stock trades about -0.03 of its potential returns per unit of risk. The BANK MANDIRI is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 28.00 in BANK MANDIRI on October 16, 2024 and sell it today you would earn a total of 1.00 from holding BANK MANDIRI or generate 3.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
PLAYSTUDIOS A DL 0001 vs. BANK MANDIRI
Performance |
| Timeline |
| PLAYSTUDIOS A DL |
| BANK MANDIRI |
PLAYSTUDIOS and BANK MANDIRI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PLAYSTUDIOS and BANK MANDIRI
The main advantage of trading using opposite PLAYSTUDIOS and BANK MANDIRI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PLAYSTUDIOS 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.| PLAYSTUDIOS vs. Fortescue Metals Group | PLAYSTUDIOS vs. Virtus Investment Partners | PLAYSTUDIOS vs. CDL INVESTMENT | PLAYSTUDIOS vs. SLR Investment Corp |
| BANK MANDIRI vs. JAPAN AIRLINES | BANK MANDIRI vs. Playa Hotels Resorts | BANK MANDIRI vs. ANTA SPORTS PRODUCT | BANK MANDIRI vs. PLAYSTUDIOS A DL 0001 |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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