Correlation Between XL Axiata and Visi Media
Can any of the company-specific risk be diversified away by investing in both XL Axiata and Visi Media 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 XL Axiata and Visi Media into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between XL Axiata Tbk and Visi Media Asia, you can compare the effects of market volatilities on XL Axiata and Visi Media 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 XL Axiata with a short position of Visi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of XL Axiata and Visi Media.
Diversification Opportunities for XL Axiata and Visi Media
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between EXCL and Visi is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding XL Axiata Tbk and Visi Media Asia in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Visi Media Asia and XL Axiata 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 XL Axiata Tbk are associated (or correlated) with Visi Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Visi Media Asia has no effect on the direction of XL Axiata i.e., XL Axiata and Visi Media go up and down completely randomly.
Pair Corralation between XL Axiata and Visi Media
If you would invest 600.00 in Visi Media Asia on August 31, 2024 and sell it today you would earn a total of 0.00 from holding Visi Media Asia or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
XL Axiata Tbk vs. Visi Media Asia
Performance |
| Timeline |
| XL Axiata Tbk |
| Visi Media Asia |
XL Axiata and Visi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with XL Axiata and Visi Media
The main advantage of trading using opposite XL Axiata and Visi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if XL Axiata position performs unexpectedly, Visi Media 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 Visi Media will offset losses from the drop in Visi Media's long position.| XL Axiata vs. Indosat Tbk | XL Axiata vs. Jasa Marga Tbk | XL Axiata vs. Indocement Tunggal Prakarsa | XL Axiata vs. Semen Indonesia Persero |
| Visi Media vs. Indosat Tbk | Visi Media vs. XL Axiata Tbk | Visi Media vs. Energi Mega Persada | Visi Media vs. Bakrie Brothers 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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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