Correlation Between Sumber Mas and Totalindo Eka
Can any of the company-specific risk be diversified away by investing in both Sumber Mas and Totalindo Eka 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 Sumber Mas and Totalindo Eka into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sumber Mas Konstruksi and Totalindo Eka Persada, you can compare the effects of market volatilities on Sumber Mas and Totalindo Eka 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 Sumber Mas with a short position of Totalindo Eka. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sumber Mas and Totalindo Eka.
Diversification Opportunities for Sumber Mas and Totalindo Eka
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Sumber and Totalindo is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Sumber Mas Konstruksi and Totalindo Eka Persada in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Totalindo Eka Persada and Sumber Mas 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 Sumber Mas Konstruksi are associated (or correlated) with Totalindo Eka. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Totalindo Eka Persada has no effect on the direction of Sumber Mas i.e., Sumber Mas and Totalindo Eka go up and down completely randomly.
Pair Corralation between Sumber Mas and Totalindo Eka
If you would invest 100.00 in Totalindo Eka Persada on November 3, 2024 and sell it today you would earn a total of 0.00 from holding Totalindo Eka Persada or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 94.74% |
| Values | Daily Returns |
Sumber Mas Konstruksi vs. Totalindo Eka Persada
Performance |
| Timeline |
| Sumber Mas Konstruksi |
| Totalindo Eka Persada |
Sumber Mas and Totalindo Eka Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sumber Mas and Totalindo Eka
The main advantage of trading using opposite Sumber Mas and Totalindo Eka positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sumber Mas position performs unexpectedly, Totalindo Eka 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 Totalindo Eka will offset losses from the drop in Totalindo Eka's long position.| Sumber Mas vs. Wahana Inti MakmurTbk | Sumber Mas vs. Sumber Tani Agung | Sumber Mas vs. Nanotech Indonesia Global | Sumber Mas vs. RMK Energy PT |
| Totalindo Eka vs. Metro Healthcare Indonesia | Totalindo Eka vs. Siloam International Hospitals | Totalindo Eka vs. Indo Acidatama Tbk | Totalindo Eka vs. PT Data Sinergitama |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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