Correlation Between PT Pelayaran and Kedaung Indah
Can any of the company-specific risk be diversified away by investing in both PT Pelayaran and Kedaung Indah 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 Kedaung Indah 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 Kedaung Indah Can, you can compare the effects of market volatilities on PT Pelayaran and Kedaung Indah 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 Kedaung Indah. Check out your portfolio center. Please also check ongoing floating volatility patterns of PT Pelayaran and Kedaung Indah.
Diversification Opportunities for PT Pelayaran and Kedaung Indah
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between TAMU and Kedaung is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding PT Pelayaran Tamarin and Kedaung Indah Can in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kedaung Indah Can 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 Kedaung Indah. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kedaung Indah Can has no effect on the direction of PT Pelayaran i.e., PT Pelayaran and Kedaung Indah go up and down completely randomly.
Pair Corralation between PT Pelayaran and Kedaung Indah
If you would invest 17,700 in Kedaung Indah Can on August 28, 2024 and sell it today you would lose (5,600) from holding Kedaung Indah Can or give up 31.64% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
PT Pelayaran Tamarin vs. Kedaung Indah Can
Performance |
| Timeline |
| PT Pelayaran Tamarin |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Kedaung Indah Can |
PT Pelayaran and Kedaung Indah Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PT Pelayaran and Kedaung Indah
The main advantage of trading using opposite PT Pelayaran and Kedaung Indah positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PT Pelayaran position performs unexpectedly, Kedaung Indah 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 Kedaung Indah will offset losses from the drop in Kedaung Indah's long position.| PT Pelayaran vs. Envy Technologies Indonesia | PT Pelayaran vs. PT Bank Bisnis | PT Pelayaran vs. Cisarua Mountain Dairy | PT Pelayaran vs. PT Wahana Interfood |
| Kedaung Indah vs. Langgeng Makmur Industri | Kedaung Indah vs. Kedawung Setia Industrial | Kedaung Indah vs. Mustika Ratu Tbk | Kedaung Indah vs. Kabelindo Murni Tbk |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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