Correlation Between Gajah Tunggal and Multistrada Arah
Can any of the company-specific risk be diversified away by investing in both Gajah Tunggal and Multistrada Arah 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 Gajah Tunggal and Multistrada Arah into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Gajah Tunggal Tbk and Multistrada Arah Sarana, you can compare the effects of market volatilities on Gajah Tunggal and Multistrada Arah 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 Gajah Tunggal with a short position of Multistrada Arah. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gajah Tunggal and Multistrada Arah.
Diversification Opportunities for Gajah Tunggal and Multistrada Arah
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Gajah and Multistrada is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Gajah Tunggal Tbk and Multistrada Arah Sarana in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Multistrada Arah Sarana and Gajah Tunggal 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 Gajah Tunggal Tbk are associated (or correlated) with Multistrada Arah. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Multistrada Arah Sarana has no effect on the direction of Gajah Tunggal i.e., Gajah Tunggal and Multistrada Arah go up and down completely randomly.
Pair Corralation between Gajah Tunggal and Multistrada Arah
If you would invest 620,000 in Multistrada Arah Sarana on August 31, 2024 and sell it today you would earn a total of 0.00 from holding Multistrada Arah Sarana 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 |
Gajah Tunggal Tbk vs. Multistrada Arah Sarana
Performance |
| Timeline |
| Gajah Tunggal Tbk |
| Multistrada Arah Sarana |
Gajah Tunggal and Multistrada Arah Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gajah Tunggal and Multistrada Arah
The main advantage of trading using opposite Gajah Tunggal and Multistrada Arah positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gajah Tunggal position performs unexpectedly, Multistrada Arah 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 Multistrada Arah will offset losses from the drop in Multistrada Arah's long position.| Gajah Tunggal vs. Perusahaan Perkebunan London | Gajah Tunggal vs. Solusi Bangun Indonesia | Gajah Tunggal vs. Ciputra Development Tbk | Gajah Tunggal vs. Global Mediacom Tbk |
| Multistrada Arah vs. Gajah Tunggal Tbk | Multistrada Arah vs. Kawasan Industri Jababeka | Multistrada Arah vs. PT Sreeya Sewu | Multistrada Arah vs. Nusantara Infrastructure 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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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