Correlation Between Oscar Mitra and Imago Mulia
Can any of the company-specific risk be diversified away by investing in both Oscar Mitra and Imago Mulia 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 Oscar Mitra and Imago Mulia into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oscar Mitra Sukses and Imago Mulia Persada, you can compare the effects of market volatilities on Oscar Mitra and Imago Mulia 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 Oscar Mitra with a short position of Imago Mulia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oscar Mitra and Imago Mulia.
Diversification Opportunities for Oscar Mitra and Imago Mulia
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between Oscar and Imago is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Oscar Mitra Sukses and Imago Mulia Persada in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Imago Mulia Persada and Oscar Mitra 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 Oscar Mitra Sukses are associated (or correlated) with Imago Mulia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Imago Mulia Persada has no effect on the direction of Oscar Mitra i.e., Oscar Mitra and Imago Mulia go up and down completely randomly.
Pair Corralation between Oscar Mitra and Imago Mulia
Assuming the 90 days trading horizon Oscar Mitra Sukses is expected to generate 1.43 times more return on investment than Imago Mulia. However, Oscar Mitra is 1.43 times more volatile than Imago Mulia Persada. It trades about 0.08 of its potential returns per unit of risk. Imago Mulia Persada is currently generating about -0.02 per unit of risk. If you would invest 900.00 in Oscar Mitra Sukses on September 12, 2024 and sell it today you would earn a total of 200.00 from holding Oscar Mitra Sukses or generate 22.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oscar Mitra Sukses vs. Imago Mulia Persada
Performance |
| Timeline |
| Oscar Mitra Sukses |
| Imago Mulia Persada |
Oscar Mitra and Imago Mulia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oscar Mitra and Imago Mulia
The main advantage of trading using opposite Oscar Mitra and Imago Mulia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oscar Mitra position performs unexpectedly, Imago Mulia 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 Imago Mulia will offset losses from the drop in Imago Mulia's long position.| Oscar Mitra vs. Imago Mulia Persada | Oscar Mitra vs. Damai Sejahtera Abadi | Oscar Mitra vs. Nanotech Indonesia Global | Oscar Mitra vs. PT Winner Nusantara |
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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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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