Correlation Between Pelayaran Nelly and Satria Antaran
Can any of the company-specific risk be diversified away by investing in both Pelayaran Nelly and Satria Antaran 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 Pelayaran Nelly and Satria Antaran into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Pelayaran Nelly Dwi and Satria Antaran Prima, you can compare the effects of market volatilities on Pelayaran Nelly and Satria Antaran 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 Pelayaran Nelly with a short position of Satria Antaran. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pelayaran Nelly and Satria Antaran.
Diversification Opportunities for Pelayaran Nelly and Satria Antaran
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Pelayaran and Satria is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Pelayaran Nelly Dwi and Satria Antaran Prima in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Satria Antaran Prima and Pelayaran Nelly 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 Pelayaran Nelly Dwi are associated (or correlated) with Satria Antaran. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Satria Antaran Prima has no effect on the direction of Pelayaran Nelly i.e., Pelayaran Nelly and Satria Antaran go up and down completely randomly.
Pair Corralation between Pelayaran Nelly and Satria Antaran
Assuming the 90 days trading horizon Pelayaran Nelly Dwi is expected to generate 0.36 times more return on investment than Satria Antaran. However, Pelayaran Nelly Dwi is 2.8 times less risky than Satria Antaran. It trades about -0.07 of its potential returns per unit of risk. Satria Antaran Prima is currently generating about -0.37 per unit of risk. If you would invest 46,600 in Pelayaran Nelly Dwi on August 31, 2024 and sell it today you would lose (800.00) from holding Pelayaran Nelly Dwi or give up 1.72% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Pelayaran Nelly Dwi vs. Satria Antaran Prima
Performance |
| Timeline |
| Pelayaran Nelly Dwi |
| Satria Antaran Prima |
Pelayaran Nelly and Satria Antaran Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pelayaran Nelly and Satria Antaran
The main advantage of trading using opposite Pelayaran Nelly and Satria Antaran positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pelayaran Nelly position performs unexpectedly, Satria Antaran 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 Satria Antaran will offset losses from the drop in Satria Antaran's long position.| Pelayaran Nelly vs. Trans Power Marine | Pelayaran Nelly vs. Pelita Samudera Shipping | Pelayaran Nelly vs. Samudera Indonesia Tbk | Pelayaran Nelly vs. Mitrabahtera Segara Sejati |
| Satria Antaran vs. PT Trimuda Nuansa | Satria Antaran vs. Guna Timur Raya | Satria Antaran vs. Pelayaran Nelly Dwi | Satria Antaran vs. Krida Jaringan Nusantara |
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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