Correlation Between Yelooo Integra and Global Mediacom
Can any of the company-specific risk be diversified away by investing in both Yelooo Integra and Global Mediacom 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 Yelooo Integra and Global Mediacom into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Yelooo Integra Datanet and Global Mediacom Tbk, you can compare the effects of market volatilities on Yelooo Integra and Global Mediacom 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 Yelooo Integra with a short position of Global Mediacom. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yelooo Integra and Global Mediacom.
Diversification Opportunities for Yelooo Integra and Global Mediacom
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Yelooo and Global is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Yelooo Integra Datanet and Global Mediacom Tbk in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Global Mediacom Tbk and Yelooo Integra 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 Yelooo Integra Datanet are associated (or correlated) with Global Mediacom. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Global Mediacom Tbk has no effect on the direction of Yelooo Integra i.e., Yelooo Integra and Global Mediacom go up and down completely randomly.
Pair Corralation between Yelooo Integra and Global Mediacom
Assuming the 90 days trading horizon Yelooo Integra Datanet is expected to generate 2.56 times more return on investment than Global Mediacom. However, Yelooo Integra is 2.56 times more volatile than Global Mediacom Tbk. It trades about -0.06 of its potential returns per unit of risk. Global Mediacom Tbk is currently generating about -0.25 per unit of risk. If you would invest 1,600 in Yelooo Integra Datanet on September 2, 2024 and sell it today you would lose (100.00) from holding Yelooo Integra Datanet or give up 6.25% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yelooo Integra Datanet vs. Global Mediacom Tbk
Performance |
| Timeline |
| Yelooo Integra Datanet |
| Global Mediacom Tbk |
Yelooo Integra and Global Mediacom Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yelooo Integra and Global Mediacom
The main advantage of trading using opposite Yelooo Integra and Global Mediacom positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yelooo Integra position performs unexpectedly, Global Mediacom 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 Global Mediacom will offset losses from the drop in Global Mediacom's long position.| Yelooo Integra vs. Envy Technologies Indonesia | Yelooo Integra vs. Eastparc Hotel Tbk | Yelooo Integra vs. PT Jobubu Jarum | Yelooo Integra vs. Inocycle Technology Tbk |
| Global Mediacom vs. Indosat Tbk | Global Mediacom vs. XL Axiata Tbk | Global Mediacom vs. Energi Mega Persada | Global Mediacom vs. Bakrie Brothers 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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
Other Complementary Tools
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing |