Correlation Between Bank Mandiri and ConforMIS
Can any of the company-specific risk be diversified away by investing in both Bank Mandiri 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 Bank Mandiri and ConforMIS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bank Mandiri Persero and ConforMIS, you can compare the effects of market volatilities on Bank Mandiri 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 Bank Mandiri with a short position of ConforMIS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank Mandiri and ConforMIS.
Diversification Opportunities for Bank Mandiri and ConforMIS
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Bank and ConforMIS is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding Bank Mandiri Persero and ConforMIS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ConforMIS and Bank Mandiri 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 Bank Mandiri Persero 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 Bank Mandiri i.e., Bank Mandiri and ConforMIS go up and down completely randomly.
Pair Corralation between Bank Mandiri and ConforMIS
Assuming the 90 days horizon Bank Mandiri is expected to generate 18.95 times less return on investment than ConforMIS. But when comparing it to its historical volatility, Bank Mandiri Persero is 3.98 times less risky than ConforMIS. It trades about 0.04 of its potential returns per unit of risk. ConforMIS is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest 113.00 in ConforMIS on September 1, 2024 and sell it today you would earn a total of 110.00 from holding ConforMIS or generate 97.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 9.51% |
| Values | Daily Returns |
Bank Mandiri Persero vs. ConforMIS
Performance |
| Timeline |
| Bank Mandiri Persero |
| ConforMIS |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Bank Mandiri and ConforMIS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bank Mandiri and ConforMIS
The main advantage of trading using opposite Bank Mandiri and ConforMIS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank Mandiri 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.| Bank Mandiri vs. Piraeus Bank SA | Bank Mandiri vs. Kasikornbank Public Co | Bank Mandiri vs. Turkiye Garanti Bankasi | Bank Mandiri vs. Delhi Bank Corp |
| 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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance |