Correlation Between PT Hasnur and Indo Oil
Can any of the company-specific risk be diversified away by investing in both PT Hasnur and Indo Oil 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 PT Hasnur and Indo Oil into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PT Hasnur Internasional and Indo Oil Perkasa, you can compare the effects of market volatilities on PT Hasnur and Indo Oil 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 PT Hasnur with a short position of Indo Oil. Check out your portfolio center. Please also check ongoing floating volatility patterns of PT Hasnur and Indo Oil.
Diversification Opportunities for PT Hasnur and Indo Oil
Very good diversification
The 3 months correlation between HAIS and Indo is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding PT Hasnur Internasional and Indo Oil Perkasa in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Indo Oil Perkasa and PT Hasnur 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 PT Hasnur Internasional are associated (or correlated) with Indo Oil. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Indo Oil Perkasa has no effect on the direction of PT Hasnur i.e., PT Hasnur and Indo Oil go up and down completely randomly.
Pair Corralation between PT Hasnur and Indo Oil
Assuming the 90 days trading horizon PT Hasnur Internasional is expected to under-perform the Indo Oil. In addition to that, PT Hasnur is 1.29 times more volatile than Indo Oil Perkasa. It trades about -0.1 of its total potential returns per unit of risk. Indo Oil Perkasa is currently generating about -0.09 per unit of volatility. If you would invest 10,100 in Indo Oil Perkasa on August 26, 2024 and sell it today you would lose (300.00) from holding Indo Oil Perkasa or give up 2.97% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
PT Hasnur Internasional vs. Indo Oil Perkasa
Performance |
| Timeline |
| PT Hasnur Internasional |
| Indo Oil Perkasa |
PT Hasnur and Indo Oil Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PT Hasnur and Indo Oil
The main advantage of trading using opposite PT Hasnur and Indo Oil positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PT Hasnur position performs unexpectedly, Indo Oil 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 Indo Oil will offset losses from the drop in Indo Oil's long position.| PT Hasnur vs. PAM Mineral Tbk | PT Hasnur vs. Pelayaran Nelly Dwi | PT Hasnur vs. Bintang Samudera Mandiri | PT Hasnur vs. Trans Power Marine |
| Indo Oil vs. Buyung Poetra Sembada | Indo Oil vs. Garudafood Putra Putri | Indo Oil vs. Campina Ice Cream | Indo Oil vs. Wijaya Karya Bangunan |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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