Correlation Between PT Jobubu and Autopedia Sukses
Can any of the company-specific risk be diversified away by investing in both PT Jobubu and Autopedia Sukses 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 Jobubu and Autopedia Sukses into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PT Jobubu Jarum and Autopedia Sukses Lestari, you can compare the effects of market volatilities on PT Jobubu and Autopedia Sukses 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 Jobubu with a short position of Autopedia Sukses. Check out your portfolio center. Please also check ongoing floating volatility patterns of PT Jobubu and Autopedia Sukses.
Diversification Opportunities for PT Jobubu and Autopedia Sukses
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between BEER and Autopedia is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding PT Jobubu Jarum and Autopedia Sukses Lestari in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Autopedia Sukses Lestari and PT Jobubu 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 Jobubu Jarum are associated (or correlated) with Autopedia Sukses. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Autopedia Sukses Lestari has no effect on the direction of PT Jobubu i.e., PT Jobubu and Autopedia Sukses go up and down completely randomly.
Pair Corralation between PT Jobubu and Autopedia Sukses
Assuming the 90 days trading horizon PT Jobubu Jarum is expected to under-perform the Autopedia Sukses. In addition to that, PT Jobubu is 1.25 times more volatile than Autopedia Sukses Lestari. It trades about -0.45 of its total potential returns per unit of risk. Autopedia Sukses Lestari is currently generating about -0.06 per unit of volatility. If you would invest 7,500 in Autopedia Sukses Lestari on November 28, 2024 and sell it today you would lose (200.00) from holding Autopedia Sukses Lestari or give up 2.67% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
PT Jobubu Jarum vs. Autopedia Sukses Lestari
Performance |
| Timeline |
| PT Jobubu Jarum |
| Autopedia Sukses Lestari |
PT Jobubu and Autopedia Sukses Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PT Jobubu and Autopedia Sukses
The main advantage of trading using opposite PT Jobubu and Autopedia Sukses positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PT Jobubu position performs unexpectedly, Autopedia Sukses 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 Autopedia Sukses will offset losses from the drop in Autopedia Sukses' long position.| PT Jobubu vs. PT Hetzer Medical | PT Jobubu vs. HK Metals Utama | PT Jobubu vs. Humpuss Intermoda Transportasi | PT Jobubu vs. PT Hatten Bali |
| Autopedia Sukses vs. Adaro Minerals Indonesia | Autopedia Sukses vs. Dharma Polimetal Tbk | Autopedia Sukses vs. Wir Asia Tbk | Autopedia Sukses vs. Adi Sarana Armada |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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