Correlation Between Autopedia Sukses and Sumber Tani
Can any of the company-specific risk be diversified away by investing in both Autopedia Sukses and Sumber Tani 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 Autopedia Sukses and Sumber Tani into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Autopedia Sukses Lestari and Sumber Tani Agung, you can compare the effects of market volatilities on Autopedia Sukses and Sumber Tani 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 Autopedia Sukses with a short position of Sumber Tani. Check out your portfolio center. Please also check ongoing floating volatility patterns of Autopedia Sukses and Sumber Tani.
Diversification Opportunities for Autopedia Sukses and Sumber Tani
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between Autopedia and Sumber is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding Autopedia Sukses Lestari and Sumber Tani Agung in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sumber Tani Agung and Autopedia Sukses 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 Autopedia Sukses Lestari are associated (or correlated) with Sumber Tani. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sumber Tani Agung has no effect on the direction of Autopedia Sukses i.e., Autopedia Sukses and Sumber Tani go up and down completely randomly.
Pair Corralation between Autopedia Sukses and Sumber Tani
Assuming the 90 days trading horizon Autopedia Sukses is expected to generate 91.0 times less return on investment than Sumber Tani. In addition to that, Autopedia Sukses is 2.35 times more volatile than Sumber Tani Agung. It trades about 0.0 of its total potential returns per unit of risk. Sumber Tani Agung is currently generating about 0.02 per unit of volatility. If you would invest 81,417 in Sumber Tani Agung on September 2, 2024 and sell it today you would earn a total of 3,583 from holding Sumber Tani Agung or generate 4.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Autopedia Sukses Lestari vs. Sumber Tani Agung
Performance |
| Timeline |
| Autopedia Sukses Lestari |
| Sumber Tani Agung |
Autopedia Sukses and Sumber Tani Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Autopedia Sukses and Sumber Tani
The main advantage of trading using opposite Autopedia Sukses and Sumber Tani positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Autopedia Sukses position performs unexpectedly, Sumber Tani 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 Sumber Tani will offset losses from the drop in Sumber Tani's long position.| Autopedia Sukses vs. Adaro Minerals Indonesia | Autopedia Sukses vs. Dharma Polimetal Tbk | Autopedia Sukses vs. Wir Asia Tbk | Autopedia Sukses vs. Adi Sarana Armada |
| Sumber Tani vs. Triputra Agro Persada | Sumber Tani vs. Dayamitra Telekomunikasi PT | Sumber Tani vs. RMK Energy PT | Sumber Tani vs. Dharma Satya Nusantara |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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