Correlation Between Bank Mandiri and Miromatrix Medical
Can any of the company-specific risk be diversified away by investing in both Bank Mandiri and Miromatrix Medical 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 Miromatrix Medical 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 Miromatrix Medical, you can compare the effects of market volatilities on Bank Mandiri and Miromatrix Medical 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 Miromatrix Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank Mandiri and Miromatrix Medical.
Diversification Opportunities for Bank Mandiri and Miromatrix Medical
-0.64 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Bank and Miromatrix is -0.64. Overlapping area represents the amount of risk that can be diversified away by holding Bank Mandiri Persero and Miromatrix Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Miromatrix Medical 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 Miromatrix Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Miromatrix Medical has no effect on the direction of Bank Mandiri i.e., Bank Mandiri and Miromatrix Medical go up and down completely randomly.
Pair Corralation between Bank Mandiri and Miromatrix Medical
If you would invest 43.00 in Bank Mandiri Persero on September 3, 2024 and sell it today you would earn a total of 0.00 from holding Bank Mandiri Persero or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 5.0% |
| Values | Daily Returns |
Bank Mandiri Persero vs. Miromatrix Medical
Performance |
| Timeline |
| Bank Mandiri Persero |
| Miromatrix Medical |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Bank Mandiri and Miromatrix Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bank Mandiri and Miromatrix Medical
The main advantage of trading using opposite Bank Mandiri and Miromatrix Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank Mandiri position performs unexpectedly, Miromatrix Medical 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 Miromatrix Medical will offset losses from the drop in Miromatrix Medical's long position.| Bank Mandiri vs. PT Bank Rakyat | Bank Mandiri vs. Piraeus Bank SA | Bank Mandiri vs. Eurobank Ergasias Services | Bank Mandiri vs. Zions Bancorporation |
| Miromatrix Medical vs. Anebulo Pharmaceuticals | Miromatrix Medical vs. Pmv Pharmaceuticals | Miromatrix Medical vs. Bionomics Ltd ADR | Miromatrix Medical vs. Molecular Partners AG |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
Other Complementary Tools
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings |