Correlation Between Surya Esa and Mahaka Radio
Can any of the company-specific risk be diversified away by investing in both Surya Esa and Mahaka Radio 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 Surya Esa and Mahaka Radio into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Surya Esa Perkasa and Mahaka Radio Integra, you can compare the effects of market volatilities on Surya Esa and Mahaka Radio 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 Surya Esa with a short position of Mahaka Radio. Check out your portfolio center. Please also check ongoing floating volatility patterns of Surya Esa and Mahaka Radio.
Diversification Opportunities for Surya Esa and Mahaka Radio
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Surya and Mahaka is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Surya Esa Perkasa and Mahaka Radio Integra in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mahaka Radio Integra and Surya Esa 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 Surya Esa Perkasa are associated (or correlated) with Mahaka Radio. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mahaka Radio Integra has no effect on the direction of Surya Esa i.e., Surya Esa and Mahaka Radio go up and down completely randomly.
Pair Corralation between Surya Esa and Mahaka Radio
If you would invest 82,500 in Surya Esa Perkasa on November 3, 2024 and sell it today you would earn a total of 2,500 from holding Surya Esa Perkasa or generate 3.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Surya Esa Perkasa vs. Mahaka Radio Integra
Performance |
| Timeline |
| Surya Esa Perkasa |
| Mahaka Radio Integra |
Surya Esa and Mahaka Radio Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Surya Esa and Mahaka Radio
The main advantage of trading using opposite Surya Esa and Mahaka Radio positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Surya Esa position performs unexpectedly, Mahaka Radio 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 Mahaka Radio will offset losses from the drop in Mahaka Radio's long position.| Surya Esa vs. Harum Energy Tbk | Surya Esa vs. Delta Dunia Makmur | Surya Esa vs. Adi Sarana Armada | Surya Esa vs. Elang Mahkota Teknologi |
| Mahaka Radio vs. Mahaka Media Tbk | Mahaka Radio vs. Sarana Meditama Metropolitan | Mahaka Radio vs. Surya Esa Perkasa | Mahaka Radio vs. Elang Mahkota Teknologi |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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