Correlation Between Grand Kartech and Dyandra Media
Can any of the company-specific risk be diversified away by investing in both Grand Kartech and Dyandra Media 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 Dyandra Media 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 Dyandra Media International, you can compare the effects of market volatilities on Grand Kartech and Dyandra Media 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 Dyandra Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grand Kartech and Dyandra Media.
Diversification Opportunities for Grand Kartech and Dyandra Media
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Grand and Dyandra is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Grand Kartech Tbk and Dyandra Media International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dyandra Media Intern 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 Dyandra Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dyandra Media Intern has no effect on the direction of Grand Kartech i.e., Grand Kartech and Dyandra Media go up and down completely randomly.
Pair Corralation between Grand Kartech and Dyandra Media
If you would invest 43,600 in Grand Kartech Tbk on November 2, 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 | 100.0% |
Values | Daily Returns |
Grand Kartech Tbk vs. Dyandra Media International
Performance |
Timeline |
Grand Kartech Tbk |
Dyandra Media Intern |
Grand Kartech and Dyandra Media Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Grand Kartech and Dyandra Media
The main advantage of trading using opposite Grand Kartech and Dyandra Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grand Kartech position performs unexpectedly, Dyandra Media 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 Dyandra Media will offset losses from the drop in Dyandra Media's long position.Grand Kartech vs. PT Data Sinergitama | Grand Kartech vs. PT UBC Medical | Grand Kartech vs. Digital Mediatama Maxima | Grand Kartech vs. Metrodata Electronics Tbk |
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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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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