Correlation Between Sri Rejeki and Metro Healthcare
Can any of the company-specific risk be diversified away by investing in both Sri Rejeki and Metro Healthcare 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 Sri Rejeki and Metro Healthcare into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sri Rejeki IsmanPT and Metro Healthcare Indonesia, you can compare the effects of market volatilities on Sri Rejeki and Metro Healthcare 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 Sri Rejeki with a short position of Metro Healthcare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sri Rejeki and Metro Healthcare.
Diversification Opportunities for Sri Rejeki and Metro Healthcare
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Sri and Metro is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Sri Rejeki IsmanPT and Metro Healthcare Indonesia in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Metro Healthcare Ind and Sri Rejeki 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 Sri Rejeki IsmanPT are associated (or correlated) with Metro Healthcare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Metro Healthcare Ind has no effect on the direction of Sri Rejeki i.e., Sri Rejeki and Metro Healthcare go up and down completely randomly.
Pair Corralation between Sri Rejeki and Metro Healthcare
If you would invest 12,400 in Metro Healthcare Indonesia on August 27, 2024 and sell it today you would earn a total of 3,200 from holding Metro Healthcare Indonesia or generate 25.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 90.48% |
| Values | Daily Returns |
Sri Rejeki IsmanPT vs. Metro Healthcare Indonesia
Performance |
| Timeline |
| Sri Rejeki IsmanPT |
| Metro Healthcare Ind |
Sri Rejeki and Metro Healthcare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sri Rejeki and Metro Healthcare
The main advantage of trading using opposite Sri Rejeki and Metro Healthcare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sri Rejeki position performs unexpectedly, Metro Healthcare 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 Metro Healthcare will offset losses from the drop in Metro Healthcare's long position.| Sri Rejeki vs. Indorama Synthetics Tbk | Sri Rejeki vs. Weha Transportasi Indonesia | Sri Rejeki vs. PT Hetzer Medical | Sri Rejeki vs. Fast Food Indonesia |
| Metro Healthcare vs. Medikaloka Hermina PT | Metro Healthcare vs. Mitra Keluarga Karyasehat | Metro Healthcare vs. Bhakti Multi Artha | Metro Healthcare vs. Surya Permata Andalan |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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