Correlation Between PT Bank and Plug Power
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By analyzing existing cross correlation between PT Bank Mandiri and Plug Power, you can compare the effects of market volatilities on PT Bank 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 PT Bank with a short position of Plug Power. Check out your portfolio center. Please also check ongoing floating volatility patterns of PT Bank and Plug Power.
Diversification Opportunities for PT Bank and Plug Power
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between PQ9 and Plug is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding PT 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 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 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 PT Bank i.e., PT Bank and Plug Power go up and down completely randomly.
Pair Corralation between PT Bank and Plug Power
Assuming the 90 days horizon PT Bank Mandiri is expected to generate 0.8 times more return on investment than Plug Power. However, PT Bank Mandiri is 1.25 times less risky than Plug Power. It trades about 0.03 of its potential returns per unit of risk. Plug Power is currently generating about -0.02 per unit of risk. If you would invest 29.00 in PT Bank Mandiri on September 24, 2024 and sell it today you would earn a total of 3.00 from holding PT Bank Mandiri or generate 10.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
PT Bank Mandiri vs. Plug Power
Performance |
| Timeline |
| PT Bank Mandiri |
| Plug Power |
PT Bank and Plug Power Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PT Bank and Plug Power
The main advantage of trading using opposite PT Bank and Plug Power positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PT Bank 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.| PT Bank vs. China Merchants Bank | PT Bank vs. HDFC Bank Limited | PT Bank vs. ICICI Bank Limited | PT Bank vs. PT Bank Central |
| Plug Power vs. Delta Electronics Public | Plug Power vs. YASKAWA ELEC UNSP | Plug Power vs. VERTIV HOLCL A | Plug Power vs. OSRAM LICHT N |
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.
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