Correlation Between Nusantara Voucher and Anabatic Technologies
Can any of the company-specific risk be diversified away by investing in both Nusantara Voucher and Anabatic Technologies 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 Nusantara Voucher and Anabatic Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nusantara Voucher Distribution and Anabatic Technologies Tbk, you can compare the effects of market volatilities on Nusantara Voucher and Anabatic Technologies 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 Nusantara Voucher with a short position of Anabatic Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nusantara Voucher and Anabatic Technologies.
Diversification Opportunities for Nusantara Voucher and Anabatic Technologies
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Nusantara and Anabatic is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding Nusantara Voucher Distribution and Anabatic Technologies Tbk in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anabatic Technologies Tbk and Nusantara Voucher 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 Nusantara Voucher Distribution are associated (or correlated) with Anabatic Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anabatic Technologies Tbk has no effect on the direction of Nusantara Voucher i.e., Nusantara Voucher and Anabatic Technologies go up and down completely randomly.
Pair Corralation between Nusantara Voucher and Anabatic Technologies
Assuming the 90 days trading horizon Nusantara Voucher Distribution is expected to generate 6.24 times more return on investment than Anabatic Technologies. However, Nusantara Voucher is 6.24 times more volatile than Anabatic Technologies Tbk. It trades about 0.08 of its potential returns per unit of risk. Anabatic Technologies Tbk is currently generating about -0.1 per unit of risk. If you would invest 12,600 in Nusantara Voucher Distribution on August 28, 2024 and sell it today you would earn a total of 2,000 from holding Nusantara Voucher Distribution or generate 15.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nusantara Voucher Distribution vs. Anabatic Technologies Tbk
Performance |
| Timeline |
| Nusantara Voucher |
| Anabatic Technologies Tbk |
Nusantara Voucher and Anabatic Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nusantara Voucher and Anabatic Technologies
The main advantage of trading using opposite Nusantara Voucher and Anabatic Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nusantara Voucher position performs unexpectedly, Anabatic Technologies 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 Anabatic Technologies will offset losses from the drop in Anabatic Technologies' long position.| Nusantara Voucher vs. M Cash Integrasi | Nusantara Voucher vs. NFC Indonesia PT | Nusantara Voucher vs. Digital Mediatama Maxima | Nusantara Voucher vs. Kioson Komersial Indonesia |
| Anabatic Technologies vs. Multipolar Tbk | Anabatic Technologies vs. Astra Graphia Tbk | Anabatic Technologies vs. Matahari Putra Prima | Anabatic Technologies vs. Ramayana Lestari Sentosa |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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