Correlation Between Telkom Indonesia and IsoRay

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Can any of the company-specific risk be diversified away by investing in both Telkom Indonesia and IsoRay 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 Telkom Indonesia and IsoRay into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Telkom Indonesia Tbk and IsoRay Inc, you can compare the effects of market volatilities on Telkom Indonesia and IsoRay 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 Telkom Indonesia with a short position of IsoRay. Check out your portfolio center. Please also check ongoing floating volatility patterns of Telkom Indonesia and IsoRay.

Diversification Opportunities for Telkom Indonesia and IsoRay

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Telkom and IsoRay is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Telkom Indonesia Tbk and IsoRay Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IsoRay Inc and Telkom Indonesia 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 Telkom Indonesia Tbk are associated (or correlated) with IsoRay. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of IsoRay Inc has no effect on the direction of Telkom Indonesia i.e., Telkom Indonesia and IsoRay go up and down completely randomly.

Pair Corralation between Telkom Indonesia and IsoRay

If you would invest (100.00) in IsoRay Inc on November 28, 2024 and sell it today you would earn a total of  100.00  from holding IsoRay Inc or generate -100.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Telkom Indonesia Tbk  vs.  IsoRay Inc

 Performance 
       Timeline  
Telkom Indonesia Tbk 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days Telkom Indonesia Tbk has generated negative risk-adjusted returns adding no value to investors with long positions. Despite fragile performance in the last few months, the Stock's primary indicators remain nearly stable which may send shares a bit higher in March 2025. The current disturbance may also be a sign of long-run up-swing for the company stockholders.
IsoRay Inc 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days IsoRay Inc has generated negative risk-adjusted returns adding no value to investors with long positions. Even with relatively invariable basic indicators, IsoRay is not utilizing all of its potentials. The latest stock price agitation, may contribute to short-term losses for the retail investors.

Telkom Indonesia and IsoRay Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Telkom Indonesia and IsoRay

The main advantage of trading using opposite Telkom Indonesia and IsoRay positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Telkom Indonesia position performs unexpectedly, IsoRay 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 IsoRay will offset losses from the drop in IsoRay's long position.
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The idea behind Telkom Indonesia Tbk and IsoRay Inc pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.

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