Correlation Between Surya Biru and PT Hasnur
Can any of the company-specific risk be diversified away by investing in both Surya Biru and PT Hasnur 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 Surya Biru and PT Hasnur into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Surya Biru Murni and PT Hasnur Internasional, you can compare the effects of market volatilities on Surya Biru and PT Hasnur 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 Surya Biru with a short position of PT Hasnur. Check out your portfolio center. Please also check ongoing floating volatility patterns of Surya Biru and PT Hasnur.
Diversification Opportunities for Surya Biru and PT Hasnur
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Surya and HAIS is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Surya Biru Murni and PT Hasnur Internasional in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PT Hasnur Internasional and Surya Biru 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 Surya Biru Murni are associated (or correlated) with PT Hasnur. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PT Hasnur Internasional has no effect on the direction of Surya Biru i.e., Surya Biru and PT Hasnur go up and down completely randomly.
Pair Corralation between Surya Biru and PT Hasnur
Assuming the 90 days trading horizon Surya Biru is expected to generate 85.0 times less return on investment than PT Hasnur. In addition to that, Surya Biru is 1.1 times more volatile than PT Hasnur Internasional. It trades about 0.0 of its total potential returns per unit of risk. PT Hasnur Internasional is currently generating about 0.0 per unit of volatility. If you would invest 22,923 in PT Hasnur Internasional on September 2, 2024 and sell it today you would lose (1,323) from holding PT Hasnur Internasional or give up 5.77% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Surya Biru Murni vs. PT Hasnur Internasional
Performance |
| Timeline |
| Surya Biru Murni |
| PT Hasnur Internasional |
Surya Biru and PT Hasnur Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Surya Biru and PT Hasnur
The main advantage of trading using opposite Surya Biru and PT Hasnur positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Surya Biru position performs unexpectedly, PT Hasnur 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 PT Hasnur will offset losses from the drop in PT Hasnur's long position.| Surya Biru vs. Indo Oil Perkasa | Surya Biru vs. Archi Indonesia Tbk | Surya Biru vs. Nusa Palapa Gemilang | Surya Biru vs. Obm Drilchem PT |
| PT Hasnur vs. PAM Mineral Tbk | PT Hasnur vs. Pelayaran Nelly Dwi | PT Hasnur vs. Bintang Samudera Mandiri | PT Hasnur vs. Trans Power Marine |
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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