Correlation Between Trinitan Metals and Pertamina Geothermal
Can any of the company-specific risk be diversified away by investing in both Trinitan Metals and Pertamina Geothermal 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 Trinitan Metals and Pertamina Geothermal into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Trinitan Metals and and Pertamina Geothermal Energy, you can compare the effects of market volatilities on Trinitan Metals and Pertamina Geothermal 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 Trinitan Metals with a short position of Pertamina Geothermal. Check out your portfolio center. Please also check ongoing floating volatility patterns of Trinitan Metals and Pertamina Geothermal.
Diversification Opportunities for Trinitan Metals and Pertamina Geothermal
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Trinitan and Pertamina is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Trinitan Metals and and Pertamina Geothermal Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pertamina Geothermal and Trinitan Metals 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 Trinitan Metals and are associated (or correlated) with Pertamina Geothermal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pertamina Geothermal has no effect on the direction of Trinitan Metals i.e., Trinitan Metals and Pertamina Geothermal go up and down completely randomly.
Pair Corralation between Trinitan Metals and Pertamina Geothermal
If you would invest 82,919 in Pertamina Geothermal Energy on September 3, 2024 and sell it today you would earn a total of 13,581 from holding Pertamina Geothermal Energy or generate 16.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 89.01% |
| Values | Daily Returns |
Trinitan Metals and vs. Pertamina Geothermal Energy
Performance |
| Timeline |
| Trinitan Metals |
| Pertamina Geothermal |
Trinitan Metals and Pertamina Geothermal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Trinitan Metals and Pertamina Geothermal
The main advantage of trading using opposite Trinitan Metals and Pertamina Geothermal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Trinitan Metals position performs unexpectedly, Pertamina Geothermal 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 Pertamina Geothermal will offset losses from the drop in Pertamina Geothermal's long position.| Trinitan Metals vs. Merdeka Copper Gold | Trinitan Metals vs. Aneka Tambang Persero | Trinitan Metals vs. Timah Persero Tbk | Trinitan Metals vs. PAM Mineral Tbk |
| Pertamina Geothermal vs. Chandra Asri Petrochemical | Pertamina Geothermal vs. Bank Negara Indonesia | Pertamina Geothermal vs. Sumber Alfaria Trijaya | Pertamina Geothermal vs. Mitra Pinasthika Mustika |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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