Correlation Between Gunawan Dianjaya and Inti Kapuas
Can any of the company-specific risk be diversified away by investing in both Gunawan Dianjaya and Inti Kapuas 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 Gunawan Dianjaya and Inti Kapuas into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Gunawan Dianjaya Steel and Inti Kapuas Arowana, you can compare the effects of market volatilities on Gunawan Dianjaya and Inti Kapuas 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 Gunawan Dianjaya with a short position of Inti Kapuas. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gunawan Dianjaya and Inti Kapuas.
Diversification Opportunities for Gunawan Dianjaya and Inti Kapuas
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Gunawan and Inti is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Gunawan Dianjaya Steel and Inti Kapuas Arowana in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Inti Kapuas Arowana and Gunawan Dianjaya 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 Gunawan Dianjaya Steel are associated (or correlated) with Inti Kapuas. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Inti Kapuas Arowana has no effect on the direction of Gunawan Dianjaya i.e., Gunawan Dianjaya and Inti Kapuas go up and down completely randomly.
Pair Corralation between Gunawan Dianjaya and Inti Kapuas
If you would invest 10,100 in Gunawan Dianjaya Steel on September 13, 2024 and sell it today you would earn a total of 1,700 from holding Gunawan Dianjaya Steel or generate 16.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gunawan Dianjaya Steel vs. Inti Kapuas Arowana
Performance |
| Timeline |
| Gunawan Dianjaya Steel |
| Inti Kapuas Arowana |
Gunawan Dianjaya and Inti Kapuas Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gunawan Dianjaya and Inti Kapuas
The main advantage of trading using opposite Gunawan Dianjaya and Inti Kapuas positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gunawan Dianjaya position performs unexpectedly, Inti Kapuas 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 Inti Kapuas will offset losses from the drop in Inti Kapuas' long position.| Gunawan Dianjaya vs. Kedaung Indah Can | Gunawan Dianjaya vs. Kabelindo Murni Tbk | Gunawan Dianjaya vs. Champion Pacific Indonesia | Gunawan Dianjaya vs. Bhuwanatala Indah Permai |
| Inti Kapuas vs. Trinitan Metals and | Inti Kapuas vs. Optima Prima Metal | Inti Kapuas vs. Communication Cable Systems | Inti Kapuas vs. Humpuss Intermoda Transportasi |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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