Correlation Between PT Jaya and Mitra Pinasthika
Can any of the company-specific risk be diversified away by investing in both PT Jaya and Mitra Pinasthika 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 Jaya and Mitra Pinasthika into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PT Jaya Bersama and Mitra Pinasthika Mustika, you can compare the effects of market volatilities on PT Jaya and Mitra Pinasthika 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 Jaya with a short position of Mitra Pinasthika. Check out your portfolio center. Please also check ongoing floating volatility patterns of PT Jaya and Mitra Pinasthika.
Diversification Opportunities for PT Jaya and Mitra Pinasthika
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between DUCK and Mitra is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding PT Jaya Bersama and Mitra Pinasthika Mustika in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mitra Pinasthika Mustika and PT Jaya 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 Jaya Bersama are associated (or correlated) with Mitra Pinasthika. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mitra Pinasthika Mustika has no effect on the direction of PT Jaya i.e., PT Jaya and Mitra Pinasthika go up and down completely randomly.
Pair Corralation between PT Jaya and Mitra Pinasthika
If you would invest 91,825 in Mitra Pinasthika Mustika on September 12, 2024 and sell it today you would earn a total of 7,675 from holding Mitra Pinasthika Mustika or generate 8.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.28% |
| Values | Daily Returns |
PT Jaya Bersama vs. Mitra Pinasthika Mustika
Performance |
| Timeline |
| PT Jaya Bersama |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Mitra Pinasthika Mustika |
PT Jaya and Mitra Pinasthika Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PT Jaya and Mitra Pinasthika
The main advantage of trading using opposite PT Jaya and Mitra Pinasthika positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PT Jaya position performs unexpectedly, Mitra Pinasthika 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 Mitra Pinasthika will offset losses from the drop in Mitra Pinasthika's long position.| PT Jaya vs. HK Metals Utama | PT Jaya vs. Trinitan Metals and | PT Jaya vs. Ashmore Asset Management | PT Jaya vs. Alumindo Light Metal |
| Mitra Pinasthika vs. Pembangunan Graha Lestari | Mitra Pinasthika vs. Pembangunan Jaya Ancol | Mitra Pinasthika vs. Hotel Sahid Jaya | Mitra Pinasthika vs. Mitrabara Adiperdana PT |
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.
Other Complementary Tools
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital |