Correlation Between Dyandra Media and Surya Citra
Can any of the company-specific risk be diversified away by investing in both Dyandra Media and Surya Citra 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 Dyandra Media and Surya Citra into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Dyandra Media International and Surya Citra Media, you can compare the effects of market volatilities on Dyandra Media and Surya Citra 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 Dyandra Media with a short position of Surya Citra. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dyandra Media and Surya Citra.
Diversification Opportunities for Dyandra Media and Surya Citra
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Dyandra and Surya is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Dyandra Media International and Surya Citra Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Surya Citra Media and Dyandra Media 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 Dyandra Media International are associated (or correlated) with Surya Citra. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Surya Citra Media has no effect on the direction of Dyandra Media i.e., Dyandra Media and Surya Citra go up and down completely randomly.
Pair Corralation between Dyandra Media and Surya Citra
Assuming the 90 days trading horizon Dyandra Media is expected to generate 1.93 times less return on investment than Surya Citra. But when comparing it to its historical volatility, Dyandra Media International is 1.17 times less risky than Surya Citra. It trades about 0.03 of its potential returns per unit of risk. Surya Citra Media is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 14,008 in Surya Citra Media on November 28, 2024 and sell it today you would earn a total of 6,592 from holding Surya Citra Media or generate 47.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Dyandra Media International vs. Surya Citra Media
Performance |
| Timeline |
| Dyandra Media Intern |
| Surya Citra Media |
Dyandra Media and Surya Citra Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dyandra Media and Surya Citra
The main advantage of trading using opposite Dyandra Media and Surya Citra positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dyandra Media position performs unexpectedly, Surya Citra 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 Surya Citra will offset losses from the drop in Surya Citra's long position.| Dyandra Media vs. Electronic City Indonesia | Dyandra Media vs. Steel Pipe Industry | Dyandra Media vs. Visi Media Asia | Dyandra Media vs. Bekasi Fajar Industrial |
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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 Transaction History module to view history of all your transactions and understand their impact on performance.
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