Correlation Between MD Pictures and Superkrane Mitra
Can any of the company-specific risk be diversified away by investing in both MD Pictures and Superkrane Mitra 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 MD Pictures and Superkrane Mitra into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between MD Pictures Tbk and Superkrane Mitra Utama, you can compare the effects of market volatilities on MD Pictures and Superkrane Mitra 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 MD Pictures with a short position of Superkrane Mitra. Check out your portfolio center. Please also check ongoing floating volatility patterns of MD Pictures and Superkrane Mitra.
Diversification Opportunities for MD Pictures and Superkrane Mitra
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between FILM and Superkrane is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding MD Pictures Tbk and Superkrane Mitra Utama in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Superkrane Mitra Utama and MD Pictures 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 MD Pictures Tbk are associated (or correlated) with Superkrane Mitra. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Superkrane Mitra Utama has no effect on the direction of MD Pictures i.e., MD Pictures and Superkrane Mitra go up and down completely randomly.
Pair Corralation between MD Pictures and Superkrane Mitra
Assuming the 90 days trading horizon MD Pictures Tbk is expected to generate 0.83 times more return on investment than Superkrane Mitra. However, MD Pictures Tbk is 1.2 times less risky than Superkrane Mitra. It trades about 0.0 of its potential returns per unit of risk. Superkrane Mitra Utama is currently generating about -0.01 per unit of risk. If you would invest 365,756 in MD Pictures Tbk on September 3, 2024 and sell it today you would lose (36,756) from holding MD Pictures Tbk or give up 10.05% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
MD Pictures Tbk vs. Superkrane Mitra Utama
Performance |
| Timeline |
| MD Pictures Tbk |
| Superkrane Mitra Utama |
MD Pictures and Superkrane Mitra Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MD Pictures and Superkrane Mitra
The main advantage of trading using opposite MD Pictures and Superkrane Mitra positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MD Pictures position performs unexpectedly, Superkrane Mitra 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 Superkrane Mitra will offset losses from the drop in Superkrane Mitra's long position.| MD Pictures vs. MNC Studios International | MD Pictures vs. Elang Mahkota Teknologi | MD Pictures vs. Medikaloka Hermina PT | MD Pictures vs. Surya Esa Perkasa |
| Superkrane Mitra vs. Garudafood Putra Putri | Superkrane Mitra vs. PT Surya Pertiwi | Superkrane Mitra vs. MD Pictures Tbk | Superkrane Mitra vs. PT Mulia Industrindo |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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