Correlation Between Bank Mandiri and Tcr2 Therapeutics
Can any of the company-specific risk be diversified away by investing in both Bank Mandiri and Tcr2 Therapeutics 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 Tcr2 Therapeutics 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 Tcr2 Therapeutics, you can compare the effects of market volatilities on Bank Mandiri and Tcr2 Therapeutics 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 Tcr2 Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank Mandiri and Tcr2 Therapeutics.
Diversification Opportunities for Bank Mandiri and Tcr2 Therapeutics
-0.64 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Bank and Tcr2 is -0.64. Overlapping area represents the amount of risk that can be diversified away by holding Bank Mandiri Persero and Tcr2 Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tcr2 Therapeutics 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 Tcr2 Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tcr2 Therapeutics has no effect on the direction of Bank Mandiri i.e., Bank Mandiri and Tcr2 Therapeutics go up and down completely randomly.
Pair Corralation between Bank Mandiri and Tcr2 Therapeutics
If you would invest 37.00 in Bank Mandiri Persero on September 2, 2024 and sell it today you would earn a total of 6.00 from holding Bank Mandiri Persero or generate 16.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 0.79% |
| Values | Daily Returns |
Bank Mandiri Persero vs. Tcr2 Therapeutics
Performance |
| Timeline |
| Bank Mandiri Persero |
| Tcr2 Therapeutics |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Bank Mandiri and Tcr2 Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bank Mandiri and Tcr2 Therapeutics
The main advantage of trading using opposite Bank Mandiri and Tcr2 Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank Mandiri position performs unexpectedly, Tcr2 Therapeutics 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 Tcr2 Therapeutics will offset losses from the drop in Tcr2 Therapeutics' long position.| Bank Mandiri vs. Piraeus Bank SA | Bank Mandiri vs. Turkiye Garanti Bankasi | Bank Mandiri vs. Uwharrie Capital Corp |
| Tcr2 Therapeutics vs. Affimed NV | Tcr2 Therapeutics vs. Pieris Pharmaceuticals | Tcr2 Therapeutics vs. ADC Therapeutics SA | Tcr2 Therapeutics vs. Agenus Inc |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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