Correlation Between PT Janu and Yelooo Integra
Can any of the company-specific risk be diversified away by investing in both PT Janu and Yelooo Integra 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 PT Janu and Yelooo Integra into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PT Janu Putra and Yelooo Integra Datanet, you can compare the effects of market volatilities on PT Janu and Yelooo Integra 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 PT Janu with a short position of Yelooo Integra. Check out your portfolio center. Please also check ongoing floating volatility patterns of PT Janu and Yelooo Integra.
Diversification Opportunities for PT Janu and Yelooo Integra
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between AYAM and Yelooo is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding PT Janu Putra and Yelooo Integra Datanet in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yelooo Integra Datanet and PT Janu 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 PT Janu Putra are associated (or correlated) with Yelooo Integra. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yelooo Integra Datanet has no effect on the direction of PT Janu i.e., PT Janu and Yelooo Integra go up and down completely randomly.
Pair Corralation between PT Janu and Yelooo Integra
Assuming the 90 days trading horizon PT Janu Putra is expected to generate 1.12 times more return on investment than Yelooo Integra. However, PT Janu is 1.12 times more volatile than Yelooo Integra Datanet. It trades about 0.25 of its potential returns per unit of risk. Yelooo Integra Datanet is currently generating about -0.12 per unit of risk. If you would invest 11,700 in PT Janu Putra on September 1, 2024 and sell it today you would earn a total of 3,100 from holding PT Janu Putra or generate 26.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
PT Janu Putra vs. Yelooo Integra Datanet
Performance |
| Timeline |
| PT Janu Putra |
| Yelooo Integra Datanet |
PT Janu and Yelooo Integra Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PT Janu and Yelooo Integra
The main advantage of trading using opposite PT Janu and Yelooo Integra positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PT Janu position performs unexpectedly, Yelooo Integra 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 Yelooo Integra will offset losses from the drop in Yelooo Integra's long position.| PT Janu vs. Lion Metal Works | PT Janu vs. Indo Acidatama Tbk | PT Janu vs. Fast Food Indonesia | PT Janu vs. Chandra Asri Petrochemical |
| Yelooo Integra vs. Surya Citra Media | Yelooo Integra vs. Anabatic Technologies Tbk | Yelooo Integra vs. Trinitan Metals and | Yelooo Integra vs. Arkadia Digital Media |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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