Correlation Between Wicaksana Overseas and Hotel Sahid
Can any of the company-specific risk be diversified away by investing in both Wicaksana Overseas and Hotel Sahid 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 Wicaksana Overseas and Hotel Sahid into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Wicaksana Overseas International and Hotel Sahid Jaya, you can compare the effects of market volatilities on Wicaksana Overseas and Hotel Sahid 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 Wicaksana Overseas with a short position of Hotel Sahid. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wicaksana Overseas and Hotel Sahid.
Diversification Opportunities for Wicaksana Overseas and Hotel Sahid
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Wicaksana and Hotel is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Wicaksana Overseas Internation and Hotel Sahid Jaya in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hotel Sahid Jaya and Wicaksana Overseas 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 Wicaksana Overseas International are associated (or correlated) with Hotel Sahid. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hotel Sahid Jaya has no effect on the direction of Wicaksana Overseas i.e., Wicaksana Overseas and Hotel Sahid go up and down completely randomly.
Pair Corralation between Wicaksana Overseas and Hotel Sahid
If you would invest 12,300 in Wicaksana Overseas International on September 3, 2024 and sell it today you would earn a total of 0.00 from holding Wicaksana Overseas International or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.0% |
| Values | Daily Returns |
Wicaksana Overseas Internation vs. Hotel Sahid Jaya
Performance |
| Timeline |
| Wicaksana Overseas |
| Hotel Sahid Jaya |
Wicaksana Overseas and Hotel Sahid Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wicaksana Overseas and Hotel Sahid
The main advantage of trading using opposite Wicaksana Overseas and Hotel Sahid positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wicaksana Overseas position performs unexpectedly, Hotel Sahid 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 Hotel Sahid will offset losses from the drop in Hotel Sahid's long position.| Wicaksana Overseas vs. Grand Kartech Tbk | Wicaksana Overseas vs. Hero Supermarket Tbk | Wicaksana Overseas vs. PT Wahana Interfood | Wicaksana Overseas vs. Lion Metal Works |
| Hotel Sahid vs. Mitra Pinasthika Mustika | Hotel Sahid vs. Jakarta Int Hotels | Hotel Sahid vs. Asuransi Harta Aman | Hotel Sahid vs. Indosterling Technomedia 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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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