Correlation Between HK Metals and Anabatic Technologies
Can any of the company-specific risk be diversified away by investing in both HK Metals and Anabatic Technologies 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 HK Metals and Anabatic Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between HK Metals Utama and Anabatic Technologies Tbk, you can compare the effects of market volatilities on HK Metals and Anabatic Technologies 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 HK Metals with a short position of Anabatic Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of HK Metals and Anabatic Technologies.
Diversification Opportunities for HK Metals and Anabatic Technologies
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HKMU and Anabatic is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding HK Metals Utama and Anabatic Technologies Tbk in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anabatic Technologies Tbk and HK Metals 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 HK Metals Utama are associated (or correlated) with Anabatic Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anabatic Technologies Tbk has no effect on the direction of HK Metals i.e., HK Metals and Anabatic Technologies go up and down completely randomly.
Pair Corralation between HK Metals and Anabatic Technologies
If you would invest 36,200 in Anabatic Technologies Tbk on August 25, 2024 and sell it today you would earn a total of 1,800 from holding Anabatic Technologies Tbk or generate 4.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.21% |
| Values | Daily Returns |
HK Metals Utama vs. Anabatic Technologies Tbk
Performance |
| Timeline |
| HK Metals Utama |
| Anabatic Technologies Tbk |
HK Metals and Anabatic Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HK Metals and Anabatic Technologies
The main advantage of trading using opposite HK Metals and Anabatic Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HK Metals position performs unexpectedly, Anabatic Technologies 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 Anabatic Technologies will offset losses from the drop in Anabatic Technologies' long position.| HK Metals vs. PT Indonesia Kendaraan | HK Metals vs. Wijaya Karya Bangunan | HK Metals vs. Buyung Poetra Sembada | HK Metals vs. J Resources Asia |
| Anabatic Technologies vs. Multipolar Tbk | Anabatic Technologies vs. Astra Graphia Tbk | Anabatic Technologies vs. Matahari Putra Prima | Anabatic Technologies vs. Ramayana Lestari Sentosa |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
Other Complementary Tools
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance |