Correlation Between Dewata Freight and Guna Timur
Can any of the company-specific risk be diversified away by investing in both Dewata Freight and Guna Timur 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 Dewata Freight and Guna Timur into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Dewata Freight International and Guna Timur Raya, you can compare the effects of market volatilities on Dewata Freight and Guna Timur 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 Dewata Freight with a short position of Guna Timur. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dewata Freight and Guna Timur.
Diversification Opportunities for Dewata Freight and Guna Timur
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Dewata and Guna is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Dewata Freight International and Guna Timur Raya in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guna Timur Raya and Dewata Freight 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 Dewata Freight International are associated (or correlated) with Guna Timur. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guna Timur Raya has no effect on the direction of Dewata Freight i.e., Dewata Freight and Guna Timur go up and down completely randomly.
Pair Corralation between Dewata Freight and Guna Timur
If you would invest 600.00 in Dewata Freight International on August 24, 2024 and sell it today you would earn a total of 0.00 from holding Dewata Freight International or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Dewata Freight International vs. Guna Timur Raya
Performance |
| Timeline |
| Dewata Freight Inter |
| Guna Timur Raya |
Dewata Freight and Guna Timur Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dewata Freight and Guna Timur
The main advantage of trading using opposite Dewata Freight and Guna Timur positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dewata Freight position performs unexpectedly, Guna Timur 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 Guna Timur will offset losses from the drop in Guna Timur's long position.| Dewata Freight vs. Guna Timur Raya | Dewata Freight vs. Satria Antaran Prima | Dewata Freight vs. Transcoal Pacific Tbk | Dewata Freight vs. Pelayaran Nelly Dwi |
| Guna Timur vs. Sriwahana | Guna Timur vs. PT Trimuda Nuansa | Guna Timur vs. Yelooo Integra Datanet | Guna Timur vs. Transcoal Pacific Tbk |
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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
Other Complementary Tools
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk |