Correlation Between Grand Kartech and Bukit Uluwatu
Can any of the company-specific risk be diversified away by investing in both Grand Kartech and Bukit Uluwatu 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 Grand Kartech and Bukit Uluwatu into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Grand Kartech Tbk and Bukit Uluwatu Villa, you can compare the effects of market volatilities on Grand Kartech and Bukit Uluwatu 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 Grand Kartech with a short position of Bukit Uluwatu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grand Kartech and Bukit Uluwatu.
Diversification Opportunities for Grand Kartech and Bukit Uluwatu
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Grand and Bukit is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Grand Kartech Tbk and Bukit Uluwatu Villa in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bukit Uluwatu Villa and Grand Kartech 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 Grand Kartech Tbk are associated (or correlated) with Bukit Uluwatu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bukit Uluwatu Villa has no effect on the direction of Grand Kartech i.e., Grand Kartech and Bukit Uluwatu go up and down completely randomly.
Pair Corralation between Grand Kartech and Bukit Uluwatu
If you would invest 43,600 in Grand Kartech Tbk on September 12, 2024 and sell it today you would earn a total of 0.00 from holding Grand Kartech Tbk or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Grand Kartech Tbk vs. Bukit Uluwatu Villa
Performance |
| Timeline |
| Grand Kartech Tbk |
| Bukit Uluwatu Villa |
Grand Kartech and Bukit Uluwatu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grand Kartech and Bukit Uluwatu
The main advantage of trading using opposite Grand Kartech and Bukit Uluwatu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grand Kartech position performs unexpectedly, Bukit Uluwatu 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 Bukit Uluwatu will offset losses from the drop in Bukit Uluwatu's long position.| Grand Kartech vs. Indointernet Tbk PT | Grand Kartech vs. Capital Financial Indonesia | Grand Kartech vs. Bank Ocbc Nisp | Grand Kartech vs. Inocycle Technology Tbk |
| Bukit Uluwatu vs. Inocycle Technology Tbk | Bukit Uluwatu vs. Lotte Chemical Titan | Bukit Uluwatu vs. Communication Cable Systems | Bukit Uluwatu vs. City Retail Developments |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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