Correlation Between Media Nusantara and Yelooo Integra
Can any of the company-specific risk be diversified away by investing in both Media Nusantara and Yelooo Integra 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 Media Nusantara and Yelooo Integra into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Media Nusantara Citra and Yelooo Integra Datanet, you can compare the effects of market volatilities on Media Nusantara and Yelooo Integra 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 Media Nusantara with a short position of Yelooo Integra. Check out your portfolio center. Please also check ongoing floating volatility patterns of Media Nusantara and Yelooo Integra.
Diversification Opportunities for Media Nusantara and Yelooo Integra
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between Media and Yelooo is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Media Nusantara Citra and Yelooo Integra Datanet in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yelooo Integra Datanet and Media Nusantara 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 Media Nusantara Citra are associated (or correlated) with Yelooo Integra. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yelooo Integra Datanet has no effect on the direction of Media Nusantara i.e., Media Nusantara and Yelooo Integra go up and down completely randomly.
Pair Corralation between Media Nusantara and Yelooo Integra
Assuming the 90 days trading horizon Media Nusantara Citra is expected to under-perform the Yelooo Integra. But the stock apears to be less risky and, when comparing its historical volatility, Media Nusantara Citra is 2.06 times less risky than Yelooo Integra. The stock trades about -0.21 of its potential returns per unit of risk. The Yelooo Integra Datanet is currently generating about -0.04 of returns per unit of risk over similar time horizon. If you would invest 1,500 in Yelooo Integra Datanet on August 24, 2024 and sell it today you would lose (100.00) from holding Yelooo Integra Datanet or give up 6.67% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Media Nusantara Citra vs. Yelooo Integra Datanet
Performance |
| Timeline |
| Media Nusantara Citra |
| Yelooo Integra Datanet |
Media Nusantara and Yelooo Integra Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Media Nusantara and Yelooo Integra
The main advantage of trading using opposite Media Nusantara and Yelooo Integra positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Media Nusantara position performs unexpectedly, Yelooo Integra 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 Yelooo Integra will offset losses from the drop in Yelooo Integra's long position.| Media Nusantara vs. Global Mediacom Tbk | Media Nusantara vs. Surya Citra Media | Media Nusantara vs. Akr Corporindo Tbk | Media Nusantara vs. Bumi Serpong Damai |
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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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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