Correlation Between PT Toba and PT Hasnur
Can any of the company-specific risk be diversified away by investing in both PT Toba and PT Hasnur 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 Toba and PT Hasnur into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PT Toba Surimi and PT Hasnur Internasional, you can compare the effects of market volatilities on PT Toba and PT Hasnur 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 Toba with a short position of PT Hasnur. Check out your portfolio center. Please also check ongoing floating volatility patterns of PT Toba and PT Hasnur.
Diversification Opportunities for PT Toba and PT Hasnur
Very good diversification
The 3 months correlation between CRAB and HAIS is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding PT Toba Surimi and PT Hasnur Internasional in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PT Hasnur Internasional and PT Toba 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 Toba Surimi are associated (or correlated) with PT Hasnur. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PT Hasnur Internasional has no effect on the direction of PT Toba i.e., PT Toba and PT Hasnur go up and down completely randomly.
Pair Corralation between PT Toba and PT Hasnur
Assuming the 90 days trading horizon PT Toba Surimi is expected to generate 0.47 times more return on investment than PT Hasnur. However, PT Toba Surimi is 2.14 times less risky than PT Hasnur. It trades about 0.0 of its potential returns per unit of risk. PT Hasnur Internasional is currently generating about -0.18 per unit of risk. If you would invest 26,200 in PT Toba Surimi on August 28, 2024 and sell it today you would earn a total of 0.00 from holding PT Toba Surimi or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
PT Toba Surimi vs. PT Hasnur Internasional
Performance |
| Timeline |
| PT Toba Surimi |
| PT Hasnur Internasional |
PT Toba and PT Hasnur Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PT Toba and PT Hasnur
The main advantage of trading using opposite PT Toba and PT Hasnur positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PT Toba position performs unexpectedly, PT Hasnur 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 PT Hasnur will offset losses from the drop in PT Hasnur's long position.| PT Toba vs. PT Dewi Shri | PT Toba vs. PT Hetzer Medical | PT Toba vs. PT Pelayaran Nasional | PT Toba vs. PT Cilacap Samudera |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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