Correlation Between Multistrada Arah and PT Hasnur
Can any of the company-specific risk be diversified away by investing in both Multistrada Arah and PT Hasnur 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 Multistrada Arah and PT Hasnur into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Multistrada Arah Sarana and PT Hasnur Internasional, you can compare the effects of market volatilities on Multistrada Arah and PT Hasnur 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 Multistrada Arah with a short position of PT Hasnur. Check out your portfolio center. Please also check ongoing floating volatility patterns of Multistrada Arah and PT Hasnur.
Diversification Opportunities for Multistrada Arah and PT Hasnur
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Multistrada and HAIS is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Multistrada Arah Sarana and PT Hasnur Internasional in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PT Hasnur Internasional and Multistrada Arah 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 Multistrada Arah Sarana are associated (or correlated) with PT Hasnur. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PT Hasnur Internasional has no effect on the direction of Multistrada Arah i.e., Multistrada Arah and PT Hasnur go up and down completely randomly.
Pair Corralation between Multistrada Arah and PT Hasnur
Assuming the 90 days trading horizon Multistrada Arah Sarana is expected to generate 1.15 times more return on investment than PT Hasnur. However, Multistrada Arah is 1.15 times more volatile than PT Hasnur Internasional. It trades about 0.09 of its potential returns per unit of risk. PT Hasnur Internasional is currently generating about 0.0 per unit of risk. If you would invest 479,000 in Multistrada Arah Sarana on November 28, 2024 and sell it today you would earn a total of 141,000 from holding Multistrada Arah Sarana or generate 29.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Multistrada Arah Sarana vs. PT Hasnur Internasional
Performance |
| Timeline |
| Multistrada Arah Sarana |
| PT Hasnur Internasional |
Multistrada Arah and PT Hasnur Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Multistrada Arah and PT Hasnur
The main advantage of trading using opposite Multistrada Arah and PT Hasnur positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Multistrada Arah position performs unexpectedly, PT Hasnur 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 PT Hasnur will offset losses from the drop in PT Hasnur's long position.| Multistrada Arah vs. Gajah Tunggal Tbk | Multistrada Arah vs. Kawasan Industri Jababeka | Multistrada Arah vs. PT Sreeya Sewu | Multistrada Arah vs. Nusantara Infrastructure Tbk |
| PT Hasnur vs. PAM Mineral Tbk | PT Hasnur vs. Pelayaran Nelly Dwi | PT Hasnur vs. Bintang Samudera Mandiri | PT Hasnur vs. Trans Power Marine |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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