Correlation Between PT Bank and ConforMIS
Can any of the company-specific risk be diversified away by investing in both PT Bank and ConforMIS 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 PT Bank and ConforMIS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PT Bank Central and ConforMIS, you can compare the effects of market volatilities on PT Bank and ConforMIS 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 PT Bank with a short position of ConforMIS. Check out your portfolio center. Please also check ongoing floating volatility patterns of PT Bank and ConforMIS.
Diversification Opportunities for PT Bank and ConforMIS
Excellent diversification
The 3 months correlation between PBCRF and ConforMIS is -0.57. Overlapping area represents the amount of risk that can be diversified away by holding PT Bank Central and ConforMIS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ConforMIS and PT Bank 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 PT Bank Central are associated (or correlated) with ConforMIS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ConforMIS has no effect on the direction of PT Bank i.e., PT Bank and ConforMIS go up and down completely randomly.
Pair Corralation between PT Bank and ConforMIS
If you would invest 63.00 in PT Bank Central on September 1, 2024 and sell it today you would earn a total of 4.00 from holding PT Bank Central or generate 6.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
PT Bank Central vs. ConforMIS
Performance |
| Timeline |
| PT Bank Central |
| ConforMIS |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
PT Bank and ConforMIS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PT Bank and ConforMIS
The main advantage of trading using opposite PT Bank and ConforMIS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PT Bank position performs unexpectedly, ConforMIS 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 ConforMIS will offset losses from the drop in ConforMIS's long position.| PT Bank vs. Bank Mandiri Persero | PT Bank vs. Piraeus Bank SA | PT Bank vs. Kasikornbank Public Co | PT Bank vs. Turkiye Garanti Bankasi |
| ConforMIS vs. Bone Biologics Corp | ConforMIS vs. Tivic Health Systems | ConforMIS vs. Bluejay Diagnostics | ConforMIS vs. Vivos Therapeutics |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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