Correlation Between GTS Internasional and Autopedia Sukses
Can any of the company-specific risk be diversified away by investing in both GTS Internasional and Autopedia Sukses 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 GTS Internasional and Autopedia Sukses into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GTS Internasional Tbk and Autopedia Sukses Lestari, you can compare the effects of market volatilities on GTS Internasional and Autopedia Sukses 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 GTS Internasional with a short position of Autopedia Sukses. Check out your portfolio center. Please also check ongoing floating volatility patterns of GTS Internasional and Autopedia Sukses.
Diversification Opportunities for GTS Internasional and Autopedia Sukses
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between GTS and Autopedia is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding GTS Internasional Tbk and Autopedia Sukses Lestari in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Autopedia Sukses Lestari and GTS Internasional 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 GTS Internasional Tbk are associated (or correlated) with Autopedia Sukses. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Autopedia Sukses Lestari has no effect on the direction of GTS Internasional i.e., GTS Internasional and Autopedia Sukses go up and down completely randomly.
Pair Corralation between GTS Internasional and Autopedia Sukses
Assuming the 90 days trading horizon GTS Internasional Tbk is expected to generate 1.24 times more return on investment than Autopedia Sukses. However, GTS Internasional is 1.24 times more volatile than Autopedia Sukses Lestari. It trades about -0.28 of its potential returns per unit of risk. Autopedia Sukses Lestari is currently generating about -0.51 per unit of risk. If you would invest 3,900 in GTS Internasional Tbk on August 30, 2024 and sell it today you would lose (500.00) from holding GTS Internasional Tbk or give up 12.82% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
GTS Internasional Tbk vs. Autopedia Sukses Lestari
Performance |
| Timeline |
| GTS Internasional Tbk |
| Autopedia Sukses Lestari |
GTS Internasional and Autopedia Sukses Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GTS Internasional and Autopedia Sukses
The main advantage of trading using opposite GTS Internasional and Autopedia Sukses positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GTS Internasional position performs unexpectedly, Autopedia Sukses 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 Autopedia Sukses will offset losses from the drop in Autopedia Sukses' long position.| GTS Internasional vs. PT Hasnur Internasional | GTS Internasional vs. Archi Indonesia Tbk | GTS Internasional vs. Cemindo Gemilang Tbk | GTS Internasional vs. PAM Mineral Tbk |
| Autopedia Sukses vs. Adaro Minerals Indonesia | Autopedia Sukses vs. Dharma Polimetal Tbk | Autopedia Sukses vs. Wir Asia Tbk | Autopedia Sukses vs. Adi Sarana Armada |
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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