Correlation Between Ciptadana Asset and Trada Maritime
Can any of the company-specific risk be diversified away by investing in both Ciptadana Asset and Trada Maritime 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 Ciptadana Asset and Trada Maritime into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ciptadana Asset Management and Trada Maritime Tbk, you can compare the effects of market volatilities on Ciptadana Asset and Trada Maritime 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 Ciptadana Asset with a short position of Trada Maritime. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ciptadana Asset and Trada Maritime.
Diversification Opportunities for Ciptadana Asset and Trada Maritime
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ciptadana and Trada is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Ciptadana Asset Management and Trada Maritime Tbk in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Trada Maritime Tbk and Ciptadana Asset 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 Ciptadana Asset Management are associated (or correlated) with Trada Maritime. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Trada Maritime Tbk has no effect on the direction of Ciptadana Asset i.e., Ciptadana Asset and Trada Maritime go up and down completely randomly.
Pair Corralation between Ciptadana Asset and Trada Maritime
If you would invest 5,800 in Ciptadana Asset Management on October 25, 2024 and sell it today you would earn a total of 200.00 from holding Ciptadana Asset Management or generate 3.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 94.74% |
| Values | Daily Returns |
Ciptadana Asset Management vs. Trada Maritime Tbk
Performance |
| Timeline |
| Ciptadana Asset Mana |
| Trada Maritime Tbk |
Ciptadana Asset and Trada Maritime Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ciptadana Asset and Trada Maritime
The main advantage of trading using opposite Ciptadana Asset and Trada Maritime positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ciptadana Asset position performs unexpectedly, Trada Maritime 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 Trada Maritime will offset losses from the drop in Trada Maritime's long position.| Ciptadana Asset vs. Bank Central Asia | Ciptadana Asset vs. Bank Rakyat Indonesia | Ciptadana Asset vs. Bayan Resources Tbk | Ciptadana Asset vs. Bank Mandiri Persero |
| Trada Maritime vs. Dharma Polimetal Tbk | Trada Maritime vs. PT Homeco Victoria | Trada Maritime vs. Indosterling Technomedia Tbk | Trada Maritime vs. Pertamina Geothermal Energy |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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