Correlation Between PT Bukalapak and Surya Citra
Can any of the company-specific risk be diversified away by investing in both PT Bukalapak and Surya Citra 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 Bukalapak and Surya Citra into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PT Bukalapak and Surya Citra Media, you can compare the effects of market volatilities on PT Bukalapak and Surya Citra 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 Bukalapak with a short position of Surya Citra. Check out your portfolio center. Please also check ongoing floating volatility patterns of PT Bukalapak and Surya Citra.
Diversification Opportunities for PT Bukalapak and Surya Citra
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between BUKA and Surya is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding PT Bukalapak and Surya Citra Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Surya Citra Media and PT Bukalapak 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 Bukalapak are associated (or correlated) with Surya Citra. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Surya Citra Media has no effect on the direction of PT Bukalapak i.e., PT Bukalapak and Surya Citra go up and down completely randomly.
Pair Corralation between PT Bukalapak and Surya Citra
Assuming the 90 days trading horizon PT Bukalapak is expected to under-perform the Surya Citra. But the stock apears to be less risky and, when comparing its historical volatility, PT Bukalapak is 1.03 times less risky than Surya Citra. The stock trades about -0.05 of its potential returns per unit of risk. The Surya Citra Media is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 12,676 in Surya Citra Media on September 2, 2024 and sell it today you would earn a total of 224.00 from holding Surya Citra Media or generate 1.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
PT Bukalapak vs. Surya Citra Media
Performance |
| Timeline |
| PT Bukalapak |
| Surya Citra Media |
PT Bukalapak and Surya Citra Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PT Bukalapak and Surya Citra
The main advantage of trading using opposite PT Bukalapak and Surya Citra positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PT Bukalapak position performs unexpectedly, Surya Citra 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 Surya Citra will offset losses from the drop in Surya Citra's long position.| PT Bukalapak vs. GoTo Gojek Tokopedia | PT Bukalapak vs. Elang Mahkota Teknologi | PT Bukalapak vs. Bank Artos Indonesia | PT Bukalapak vs. Merdeka Copper Gold |
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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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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