Correlation Between PT Kalbe and Fibra UNO
Can any of the company-specific risk be diversified away by investing in both PT Kalbe and Fibra UNO 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 PT Kalbe and Fibra UNO into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PT Kalbe Farma and Fibra UNO, you can compare the effects of market volatilities on PT Kalbe and Fibra UNO 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 Kalbe with a short position of Fibra UNO. Check out your portfolio center. Please also check ongoing floating volatility patterns of PT Kalbe and Fibra UNO.
Diversification Opportunities for PT Kalbe and Fibra UNO
Very weak diversification
The 3 months correlation between PTKFF and Fibra is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding PT Kalbe Farma and Fibra UNO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fibra UNO and PT Kalbe 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 Kalbe Farma are associated (or correlated) with Fibra UNO. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fibra UNO has no effect on the direction of PT Kalbe i.e., PT Kalbe and Fibra UNO go up and down completely randomly.
Pair Corralation between PT Kalbe and Fibra UNO
Assuming the 90 days horizon PT Kalbe Farma is expected to under-perform the Fibra UNO. But the pink sheet apears to be less risky and, when comparing its historical volatility, PT Kalbe Farma is 1.21 times less risky than Fibra UNO. The pink sheet trades about -0.22 of its potential returns per unit of risk. The Fibra UNO is currently generating about -0.12 of returns per unit of risk over similar time horizon. If you would invest 117.00 in Fibra UNO on September 3, 2024 and sell it today you would lose (11.00) from holding Fibra UNO or give up 9.4% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.0% |
| Values | Daily Returns |
PT Kalbe Farma vs. Fibra UNO
Performance |
| Timeline |
| PT Kalbe Farma |
| Fibra UNO |
PT Kalbe and Fibra UNO Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PT Kalbe and Fibra UNO
The main advantage of trading using opposite PT Kalbe and Fibra UNO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PT Kalbe position performs unexpectedly, Fibra UNO 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 Fibra UNO will offset losses from the drop in Fibra UNO's long position.| PT Kalbe vs. Amgen Inc | PT Kalbe vs. Bristol Myers Squibb | PT Kalbe vs. Roche Holding AG | PT Kalbe vs. Novartis AG |
| Fibra UNO vs. British Land | Fibra UNO vs. Global Net Lease, | Fibra UNO vs. VICI Properties | Fibra UNO vs. British Land |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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