Correlation Between Sepeda Bersama and GoTo Gojek
Can any of the company-specific risk be diversified away by investing in both Sepeda Bersama and GoTo Gojek 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 Sepeda Bersama and GoTo Gojek into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sepeda Bersama Indonesia and GoTo Gojek Tokopedia, you can compare the effects of market volatilities on Sepeda Bersama and GoTo Gojek 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 Sepeda Bersama with a short position of GoTo Gojek. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sepeda Bersama and GoTo Gojek.
Diversification Opportunities for Sepeda Bersama and GoTo Gojek
-0.82 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Sepeda and GoTo is -0.82. Overlapping area represents the amount of risk that can be diversified away by holding Sepeda Bersama Indonesia and GoTo Gojek Tokopedia in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GoTo Gojek Tokopedia and Sepeda Bersama 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 Sepeda Bersama Indonesia are associated (or correlated) with GoTo Gojek. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GoTo Gojek Tokopedia has no effect on the direction of Sepeda Bersama i.e., Sepeda Bersama and GoTo Gojek go up and down completely randomly.
Pair Corralation between Sepeda Bersama and GoTo Gojek
Assuming the 90 days trading horizon Sepeda Bersama Indonesia is expected to generate 0.96 times more return on investment than GoTo Gojek. However, Sepeda Bersama Indonesia is 1.04 times less risky than GoTo Gojek. It trades about 0.05 of its potential returns per unit of risk. GoTo Gojek Tokopedia is currently generating about 0.03 per unit of risk. If you would invest 41,723 in Sepeda Bersama Indonesia on August 27, 2024 and sell it today you would earn a total of 8,777 from holding Sepeda Bersama Indonesia or generate 21.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sepeda Bersama Indonesia vs. GoTo Gojek Tokopedia
Performance |
| Timeline |
| Sepeda Bersama Indonesia |
| GoTo Gojek Tokopedia |
Sepeda Bersama and GoTo Gojek Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sepeda Bersama and GoTo Gojek
The main advantage of trading using opposite Sepeda Bersama and GoTo Gojek positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sepeda Bersama position performs unexpectedly, GoTo Gojek 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 GoTo Gojek will offset losses from the drop in GoTo Gojek's long position.| Sepeda Bersama vs. Autopedia Sukses Lestari | Sepeda Bersama vs. Champ Resto Indonesia | Sepeda Bersama vs. Adhi Commuter Properti | Sepeda Bersama vs. GTS Internasional Tbk |
| GoTo Gojek vs. M Cash Integrasi | GoTo Gojek vs. NFC Indonesia PT | GoTo Gojek vs. Digital Mediatama Maxima | GoTo Gojek vs. Kioson Komersial Indonesia |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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