Correlation Between Crexendo and PT Sarana
Can any of the company-specific risk be diversified away by investing in both Crexendo and PT Sarana 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 Crexendo and PT Sarana into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Crexendo and PT Sarana Menara, you can compare the effects of market volatilities on Crexendo and PT Sarana 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 Crexendo with a short position of PT Sarana. Check out your portfolio center. Please also check ongoing floating volatility patterns of Crexendo and PT Sarana.
Diversification Opportunities for Crexendo and PT Sarana
Poor diversification
The 3 months correlation between Crexendo and SMNUF is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding Crexendo and PT Sarana Menara in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PT Sarana Menara and Crexendo 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 Crexendo are associated (or correlated) with PT Sarana. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PT Sarana Menara has no effect on the direction of Crexendo i.e., Crexendo and PT Sarana go up and down completely randomly.
Pair Corralation between Crexendo and PT Sarana
If you would invest 512.00 in Crexendo on October 23, 2024 and sell it today you would earn a total of 23.00 from holding Crexendo or generate 4.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 5.56% |
| Values | Daily Returns |
Crexendo vs. PT Sarana Menara
Performance |
| Timeline |
| Crexendo |
| PT Sarana Menara |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Crexendo and PT Sarana Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Crexendo and PT Sarana
The main advantage of trading using opposite Crexendo and PT Sarana positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Crexendo position performs unexpectedly, PT Sarana 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 Sarana will offset losses from the drop in PT Sarana's long position.| Crexendo vs. Tele2 AB | Crexendo vs. Liberty Broadband Srs | Crexendo vs. KT Corporation | Crexendo vs. Liberty Broadband Srs |
| PT Sarana vs. Proximus NV ADR | PT Sarana vs. Singapore Telecommunications Limited | PT Sarana vs. Telstra Limited | PT Sarana vs. MTN Group Ltd |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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