Correlation Between GLG LIFE and PT Jasa

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Can any of the company-specific risk be diversified away by investing in both GLG LIFE and PT Jasa 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 GLG LIFE and PT Jasa into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GLG LIFE TECH and PT Jasa Marga, you can compare the effects of market volatilities on GLG LIFE and PT Jasa 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 GLG LIFE with a short position of PT Jasa. Check out your portfolio center. Please also check ongoing floating volatility patterns of GLG LIFE and PT Jasa.

Diversification Opportunities for GLG LIFE and PT Jasa

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between GLG and 0JM is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GLG LIFE TECH and PT Jasa Marga in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PT Jasa Marga and GLG LIFE 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 GLG LIFE TECH are associated (or correlated) with PT Jasa. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PT Jasa Marga has no effect on the direction of GLG LIFE i.e., GLG LIFE and PT Jasa go up and down completely randomly.

Pair Corralation between GLG LIFE and PT Jasa

If you would invest  2.00  in GLG LIFE TECH on September 24, 2024 and sell it today you would earn a total of  0.00  from holding GLG LIFE TECH or generate 0.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy95.24%
ValuesDaily Returns

GLG LIFE TECH  vs.  PT Jasa Marga

 Performance 
       Timeline  
GLG LIFE TECH 

Risk-Adjusted Performance

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Over the last 90 days GLG LIFE TECH has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of comparatively stable basic indicators, GLG LIFE is not utilizing all of its potentials. The current stock price uproar, may contribute to short-horizon losses for the private investors.
PT Jasa Marga 

Risk-Adjusted Performance

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Weak
 
Strong
Very Weak
Over the last 90 days PT Jasa Marga has generated negative risk-adjusted returns adding no value to investors with long positions. Despite uncertain performance in the last few months, the Stock's basic indicators remain nearly stable which may send shares a bit higher in January 2025. The current disturbance may also be a sign of long-run up-swing for the company stockholders.

GLG LIFE and PT Jasa Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with GLG LIFE and PT Jasa

The main advantage of trading using opposite GLG LIFE and PT Jasa positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GLG LIFE position performs unexpectedly, PT Jasa 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 PT Jasa will offset losses from the drop in PT Jasa's long position.
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The idea behind GLG LIFE TECH and PT Jasa Marga pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.

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