Correlation Between PT Pelayaran and PT Hasnur
Can any of the company-specific risk be diversified away by investing in both PT Pelayaran 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 PT Pelayaran and PT Hasnur into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PT Pelayaran Tamarin and PT Hasnur Internasional, you can compare the effects of market volatilities on PT Pelayaran 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 PT Pelayaran with a short position of PT Hasnur. Check out your portfolio center. Please also check ongoing floating volatility patterns of PT Pelayaran and PT Hasnur.
Diversification Opportunities for PT Pelayaran and PT Hasnur
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between TAMU and HAIS is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding PT Pelayaran Tamarin 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 PT Pelayaran 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 PT Pelayaran Tamarin 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 PT Pelayaran i.e., PT Pelayaran and PT Hasnur go up and down completely randomly.
Pair Corralation between PT Pelayaran and PT Hasnur
Assuming the 90 days trading horizon PT Pelayaran Tamarin is expected to under-perform the PT Hasnur. In addition to that, PT Pelayaran is 2.5 times more volatile than PT Hasnur Internasional. It trades about -0.12 of its total potential returns per unit of risk. PT Hasnur Internasional is currently generating about -0.18 per unit of volatility. If you would invest 23,200 in PT Hasnur Internasional on August 27, 2024 and sell it today you would lose (1,600) from holding PT Hasnur Internasional or give up 6.9% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
PT Pelayaran Tamarin vs. PT Hasnur Internasional
Performance |
| Timeline |
| PT Pelayaran Tamarin |
| PT Hasnur Internasional |
PT Pelayaran and PT Hasnur Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PT Pelayaran and PT Hasnur
The main advantage of trading using opposite PT Pelayaran and PT Hasnur positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PT Pelayaran 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.| PT Pelayaran vs. Petrosea Tbk | PT Pelayaran vs. Harum Energy Tbk | PT Pelayaran vs. Perdana Karya Perkasa |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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