Correlation Between PT Wintermar and Apple
Can any of the company-specific risk be diversified away by investing in both PT Wintermar and Apple 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 Wintermar and Apple into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PT Wintermar Offshore and Apple Inc, you can compare the effects of market volatilities on PT Wintermar and Apple 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 Wintermar with a short position of Apple. Check out your portfolio center. Please also check ongoing floating volatility patterns of PT Wintermar and Apple.
Diversification Opportunities for PT Wintermar and Apple
-0.65 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between W6O and Apple is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding PT Wintermar Offshore and Apple Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apple Inc and PT Wintermar 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 Wintermar Offshore are associated (or correlated) with Apple. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apple Inc has no effect on the direction of PT Wintermar i.e., PT Wintermar and Apple go up and down completely randomly.
Pair Corralation between PT Wintermar and Apple
Assuming the 90 days horizon PT Wintermar Offshore is expected to under-perform the Apple. In addition to that, PT Wintermar is 4.16 times more volatile than Apple Inc. It trades about -0.21 of its total potential returns per unit of risk. Apple Inc is currently generating about -0.01 per unit of volatility. If you would invest 23,530 in Apple Inc on October 11, 2024 and sell it today you would lose (45.00) from holding Apple Inc or give up 0.19% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
PT Wintermar Offshore vs. Apple Inc
Performance |
| Timeline |
| PT Wintermar Offshore |
| Apple Inc |
PT Wintermar and Apple Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PT Wintermar and Apple
The main advantage of trading using opposite PT Wintermar and Apple positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PT Wintermar position performs unexpectedly, Apple 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 Apple will offset losses from the drop in Apple's long position.| PT Wintermar vs. PPHE HOTEL GROUP | PT Wintermar vs. CarsalesCom | PT Wintermar vs. MHP Hotel AG | PT Wintermar vs. CITY OFFICE REIT |
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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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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