Correlation Between FingerMotion and PT Sarana
Can any of the company-specific risk be diversified away by investing in both FingerMotion and PT Sarana 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 FingerMotion and PT Sarana into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between FingerMotion and PT Sarana Menara, you can compare the effects of market volatilities on FingerMotion and PT Sarana 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 FingerMotion with a short position of PT Sarana. Check out your portfolio center. Please also check ongoing floating volatility patterns of FingerMotion and PT Sarana.
Diversification Opportunities for FingerMotion and PT Sarana
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between FingerMotion and SMNUF is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding FingerMotion and PT Sarana Menara in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PT Sarana Menara and FingerMotion 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 FingerMotion are associated (or correlated) with PT Sarana. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PT Sarana Menara has no effect on the direction of FingerMotion i.e., FingerMotion and PT Sarana go up and down completely randomly.
Pair Corralation between FingerMotion and PT Sarana
If you would invest 188.00 in FingerMotion on September 1, 2024 and sell it today you would earn a total of 16.00 from holding FingerMotion or generate 8.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
FingerMotion vs. PT Sarana Menara
Performance |
| Timeline |
| FingerMotion |
| PT Sarana Menara |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
FingerMotion and PT Sarana Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FingerMotion and PT Sarana
The main advantage of trading using opposite FingerMotion and PT Sarana positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FingerMotion position performs unexpectedly, PT Sarana 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 PT Sarana will offset losses from the drop in PT Sarana's long position.| FingerMotion vs. Liberty Broadband Srs | FingerMotion vs. KT Corporation | FingerMotion vs. Liberty Broadband Srs | FingerMotion vs. Consolidated Communications |
| PT Sarana vs. Proximus NV ADR | PT Sarana vs. Singapore Telecommunications Limited | PT Sarana vs. Telstra Limited | PT Sarana vs. MTN Group Ltd |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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