Correlation Between BANK MANDIRI and Plug Power
Specify exactly 2 symbols:
By analyzing existing cross correlation between BANK MANDIRI and Plug Power, you can compare the effects of market volatilities on BANK MANDIRI and Plug Power 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 Plug Power. Check out your portfolio center. Please also check ongoing floating volatility patterns of BANK MANDIRI and Plug Power.
Diversification Opportunities for BANK MANDIRI and Plug Power
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between BANK and Plug is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding BANK MANDIRI and Plug Power in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Plug Power 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 are associated (or correlated) with Plug Power. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Plug Power has no effect on the direction of BANK MANDIRI i.e., BANK MANDIRI and Plug Power go up and down completely randomly.
Pair Corralation between BANK MANDIRI and Plug Power
Assuming the 90 days trading horizon BANK MANDIRI is expected to under-perform the Plug Power. But the stock apears to be less risky and, when comparing its historical volatility, BANK MANDIRI is 3.24 times less risky than Plug Power. The stock trades about -0.02 of its potential returns per unit of risk. The Plug Power is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 179.00 in Plug Power on November 6, 2024 and sell it today you would earn a total of 7.00 from holding Plug Power or generate 3.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
BANK MANDIRI vs. Plug Power
Performance |
| Timeline |
| BANK MANDIRI |
| Plug Power |
BANK MANDIRI and Plug Power Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BANK MANDIRI and Plug Power
The main advantage of trading using opposite BANK MANDIRI and Plug Power positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BANK MANDIRI position performs unexpectedly, Plug Power 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 Plug Power will offset losses from the drop in Plug Power's long position.| BANK MANDIRI vs. CITY OFFICE REIT | BANK MANDIRI vs. ADDUS HOMECARE | BANK MANDIRI vs. Addus HomeCare | BANK MANDIRI vs. American Homes 4 |
| Plug Power vs. RCS MediaGroup SpA | Plug Power vs. PKSHA TECHNOLOGY INC | Plug Power vs. VELA TECHNOLPLC LS 0001 | Plug Power vs. BioNTech SE |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
Other Complementary Tools
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios |