Correlation Between Acset Indonusa and Surya Semesta
Can any of the company-specific risk be diversified away by investing in both Acset Indonusa and Surya Semesta 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 Acset Indonusa and Surya Semesta into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Acset Indonusa Tbk and Surya Semesta Internusa, you can compare the effects of market volatilities on Acset Indonusa and Surya Semesta 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 Acset Indonusa with a short position of Surya Semesta. Check out your portfolio center. Please also check ongoing floating volatility patterns of Acset Indonusa and Surya Semesta.
Diversification Opportunities for Acset Indonusa and Surya Semesta
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Acset and Surya is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding Acset Indonusa Tbk and Surya Semesta Internusa in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Surya Semesta Internusa and Acset Indonusa 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 Acset Indonusa Tbk are associated (or correlated) with Surya Semesta. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Surya Semesta Internusa has no effect on the direction of Acset Indonusa i.e., Acset Indonusa and Surya Semesta go up and down completely randomly.
Pair Corralation between Acset Indonusa and Surya Semesta
Assuming the 90 days trading horizon Acset Indonusa Tbk is expected to generate 0.37 times more return on investment than Surya Semesta. However, Acset Indonusa Tbk is 2.72 times less risky than Surya Semesta. It trades about 0.17 of its potential returns per unit of risk. Surya Semesta Internusa is currently generating about -0.09 per unit of risk. If you would invest 8,700 in Acset Indonusa Tbk on October 23, 2024 and sell it today you would earn a total of 500.00 from holding Acset Indonusa Tbk or generate 5.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Acset Indonusa Tbk vs. Surya Semesta Internusa
Performance |
| Timeline |
| Acset Indonusa Tbk |
| Surya Semesta Internusa |
Acset Indonusa and Surya Semesta Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Acset Indonusa and Surya Semesta
The main advantage of trading using opposite Acset Indonusa and Surya Semesta positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Acset Indonusa position performs unexpectedly, Surya Semesta 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 Surya Semesta will offset losses from the drop in Surya Semesta's long position.| Acset Indonusa vs. Bekasi Fajar Industrial | Acset Indonusa vs. Nusa Raya Cipta | Acset Indonusa vs. Wijaya Karya Beton | Acset Indonusa vs. Agung Podomoro Land |
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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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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