Correlation Between Yelooo Integra and Media Nusantara
Can any of the company-specific risk be diversified away by investing in both Yelooo Integra and Media Nusantara 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 Media Nusantara 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 Media Nusantara Citra, you can compare the effects of market volatilities on Yelooo Integra and Media Nusantara 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 Media Nusantara. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yelooo Integra and Media Nusantara.
Diversification Opportunities for Yelooo Integra and Media Nusantara
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Yelooo and Media is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Yelooo Integra Datanet and Media Nusantara Citra in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Media Nusantara Citra 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 Media Nusantara. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Media Nusantara Citra has no effect on the direction of Yelooo Integra i.e., Yelooo Integra and Media Nusantara go up and down completely randomly.
Pair Corralation between Yelooo Integra and Media Nusantara
Assuming the 90 days trading horizon Yelooo Integra Datanet is expected to under-perform the Media Nusantara. In addition to that, Yelooo Integra is 1.94 times more volatile than Media Nusantara Citra. It trades about -0.05 of its total potential returns per unit of risk. Media Nusantara Citra is currently generating about -0.07 per unit of volatility. If you would invest 31,800 in Media Nusantara Citra on August 28, 2024 and sell it today you would lose (1,200) from holding Media Nusantara Citra or give up 3.77% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yelooo Integra Datanet vs. Media Nusantara Citra
Performance |
| Timeline |
| Yelooo Integra Datanet |
| Media Nusantara Citra |
Yelooo Integra and Media Nusantara Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yelooo Integra and Media Nusantara
The main advantage of trading using opposite Yelooo Integra and Media Nusantara positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yelooo Integra position performs unexpectedly, Media Nusantara 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 Media Nusantara will offset losses from the drop in Media Nusantara's long position.| Yelooo Integra vs. Integra Indocabinet Tbk | Yelooo Integra vs. Multistrada Arah Sarana | Yelooo Integra vs. PT MNC Energy | Yelooo Integra vs. J Resources Asia |
| Media Nusantara vs. Global Mediacom Tbk | Media Nusantara vs. Surya Citra Media | Media Nusantara vs. Akr Corporindo Tbk | Media Nusantara vs. Bumi Serpong Damai |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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