Correlation Between ANTA SPORTS and BANK MANDIRI
Can any of the company-specific risk be diversified away by investing in both ANTA SPORTS 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 ANTA SPORTS and BANK MANDIRI into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ANTA SPORTS PRODUCT and BANK MANDIRI, you can compare the effects of market volatilities on ANTA SPORTS 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 ANTA SPORTS with a short position of BANK MANDIRI. Check out your portfolio center. Please also check ongoing floating volatility patterns of ANTA SPORTS and BANK MANDIRI.
Diversification Opportunities for ANTA SPORTS and BANK MANDIRI
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between ANTA and BANK is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding ANTA SPORTS PRODUCT and BANK MANDIRI in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BANK MANDIRI and ANTA SPORTS 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 ANTA SPORTS PRODUCT 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 ANTA SPORTS i.e., ANTA SPORTS and BANK MANDIRI go up and down completely randomly.
Pair Corralation between ANTA SPORTS and BANK MANDIRI
Assuming the 90 days trading horizon ANTA SPORTS PRODUCT is expected to generate 0.43 times more return on investment than BANK MANDIRI. However, ANTA SPORTS PRODUCT is 2.33 times less risky than BANK MANDIRI. It trades about 0.03 of its potential returns per unit of risk. BANK MANDIRI is currently generating about 0.0 per unit of risk. If you would invest 935.00 in ANTA SPORTS PRODUCT on October 26, 2024 and sell it today you would earn a total of 21.00 from holding ANTA SPORTS PRODUCT or generate 2.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 97.5% |
| Values | Daily Returns |
ANTA SPORTS PRODUCT vs. BANK MANDIRI
Performance |
| Timeline |
| ANTA SPORTS PRODUCT |
| BANK MANDIRI |
ANTA SPORTS and BANK MANDIRI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ANTA SPORTS and BANK MANDIRI
The main advantage of trading using opposite ANTA SPORTS and BANK MANDIRI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ANTA SPORTS 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.| ANTA SPORTS vs. Verizon Communications | ANTA SPORTS vs. CITIC Telecom International | ANTA SPORTS vs. Materialise NV | ANTA SPORTS vs. COMBA TELECOM SYST |
| BANK MANDIRI vs. PLAYTECH | BANK MANDIRI vs. Nok Airlines PCL | BANK MANDIRI vs. ANTA SPORTS PRODUCT | BANK MANDIRI vs. USWE SPORTS AB |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
Other Complementary Tools
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes |