Correlation Between Satria Mega and Superkrane Mitra
Can any of the company-specific risk be diversified away by investing in both Satria Mega and Superkrane Mitra 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 Satria Mega and Superkrane Mitra into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Satria Mega Kencana and Superkrane Mitra Utama, you can compare the effects of market volatilities on Satria Mega and Superkrane Mitra 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 Satria Mega with a short position of Superkrane Mitra. Check out your portfolio center. Please also check ongoing floating volatility patterns of Satria Mega and Superkrane Mitra.
Diversification Opportunities for Satria Mega and Superkrane Mitra
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Satria and Superkrane is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Satria Mega Kencana and Superkrane Mitra Utama in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Superkrane Mitra Utama and Satria Mega 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 Satria Mega Kencana are associated (or correlated) with Superkrane Mitra. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Superkrane Mitra Utama has no effect on the direction of Satria Mega i.e., Satria Mega and Superkrane Mitra go up and down completely randomly.
Pair Corralation between Satria Mega and Superkrane Mitra
If you would invest (100.00) in Superkrane Mitra Utama on September 2, 2024 and sell it today you would earn a total of 100.00 from holding Superkrane Mitra Utama or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Satria Mega Kencana vs. Superkrane Mitra Utama
Performance |
| Timeline |
| Satria Mega Kencana |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Superkrane Mitra Utama |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Satria Mega and Superkrane Mitra Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Satria Mega and Superkrane Mitra
The main advantage of trading using opposite Satria Mega and Superkrane Mitra positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Satria Mega position performs unexpectedly, Superkrane Mitra 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 Superkrane Mitra will offset losses from the drop in Superkrane Mitra's long position.| Satria Mega vs. MNC Studios International | Satria Mega vs. Royal Prima PT | Satria Mega vs. Jaya Sukses Makmur |
| Superkrane Mitra vs. Garudafood Putra Putri | Superkrane Mitra vs. PT Surya Pertiwi | Superkrane Mitra vs. PT Mulia Industrindo | Superkrane Mitra vs. NFC Indonesia PT |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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