Correlation Between PT Hasnur and Sumber Global
Can any of the company-specific risk be diversified away by investing in both PT Hasnur and Sumber Global 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 Sumber Global 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 Sumber Global Energy, you can compare the effects of market volatilities on PT Hasnur and Sumber Global 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 Sumber Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of PT Hasnur and Sumber Global.
Diversification Opportunities for PT Hasnur and Sumber Global
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between HAIS and Sumber is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding PT Hasnur Internasional and Sumber Global Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sumber Global Energy 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 Sumber Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sumber Global Energy has no effect on the direction of PT Hasnur i.e., PT Hasnur and Sumber Global go up and down completely randomly.
Pair Corralation between PT Hasnur and Sumber Global
Assuming the 90 days trading horizon PT Hasnur is expected to generate 345.55 times less return on investment than Sumber Global. But when comparing it to its historical volatility, PT Hasnur Internasional is 23.68 times less risky than Sumber Global. It trades about 0.0 of its potential returns per unit of risk. Sumber Global Energy is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 12,810 in Sumber Global Energy on September 2, 2024 and sell it today you would earn a total of 27,390 from holding Sumber Global Energy or generate 213.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
PT Hasnur Internasional vs. Sumber Global Energy
Performance |
| Timeline |
| PT Hasnur Internasional |
| Sumber Global Energy |
PT Hasnur and Sumber Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PT Hasnur and Sumber Global
The main advantage of trading using opposite PT Hasnur and Sumber Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PT Hasnur position performs unexpectedly, Sumber Global 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 Sumber Global will offset losses from the drop in Sumber Global'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 |
| Sumber Global vs. Golden Eagle Energy | Sumber Global vs. Baramulti Suksessarana Tbk | Sumber Global vs. TBS Energi Utama | Sumber Global vs. Resource Alam Indonesia |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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