Correlation Between Oscar Mitra and PT Winner
Can any of the company-specific risk be diversified away by investing in both Oscar Mitra and PT Winner 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 PT Winner 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 PT Winner Nusantara, you can compare the effects of market volatilities on Oscar Mitra and PT Winner 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 PT Winner. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oscar Mitra and PT Winner.
Diversification Opportunities for Oscar Mitra and PT Winner
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Oscar and WINR is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding Oscar Mitra Sukses and PT Winner Nusantara in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PT Winner Nusantara 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 PT Winner. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PT Winner Nusantara has no effect on the direction of Oscar Mitra i.e., Oscar Mitra and PT Winner go up and down completely randomly.
Pair Corralation between Oscar Mitra and PT Winner
Assuming the 90 days trading horizon Oscar Mitra Sukses is expected to generate 1.33 times more return on investment than PT Winner. However, Oscar Mitra is 1.33 times more volatile than PT Winner Nusantara. It trades about 0.03 of its potential returns per unit of risk. PT Winner Nusantara is currently generating about -0.1 per unit of risk. If you would invest 1,200 in Oscar Mitra Sukses on September 1, 2024 and sell it today you would earn a total of 0.00 from holding Oscar Mitra Sukses or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oscar Mitra Sukses vs. PT Winner Nusantara
Performance |
| Timeline |
| Oscar Mitra Sukses |
| PT Winner Nusantara |
Oscar Mitra and PT Winner Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oscar Mitra and PT Winner
The main advantage of trading using opposite Oscar Mitra and PT Winner positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oscar Mitra position performs unexpectedly, PT Winner 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 Winner will offset losses from the drop in PT Winner'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 |
| PT Winner vs. Pollux Properti Indonesia | PT Winner vs. Jaya Sukses Makmur | PT Winner vs. Natura City Developments | PT Winner vs. Maha Properti Indonesia |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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