Correlation Between Yelooo Integra and Satria Antaran
Can any of the company-specific risk be diversified away by investing in both Yelooo Integra and Satria Antaran 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 Satria Antaran 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 Satria Antaran Prima, you can compare the effects of market volatilities on Yelooo Integra and Satria Antaran 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 Satria Antaran. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yelooo Integra and Satria Antaran.
Diversification Opportunities for Yelooo Integra and Satria Antaran
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Yelooo and Satria is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding Yelooo Integra Datanet and Satria Antaran Prima in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Satria Antaran Prima 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 Satria Antaran. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Satria Antaran Prima has no effect on the direction of Yelooo Integra i.e., Yelooo Integra and Satria Antaran go up and down completely randomly.
Pair Corralation between Yelooo Integra and Satria Antaran
Assuming the 90 days trading horizon Yelooo Integra Datanet is expected to generate 1.34 times more return on investment than Satria Antaran. However, Yelooo Integra is 1.34 times more volatile than Satria Antaran Prima. It trades about -0.14 of its potential returns per unit of risk. Satria Antaran Prima is currently generating about -0.37 per unit of risk. If you would invest 1,600 in Yelooo Integra Datanet on August 27, 2024 and sell it today you would lose (200.00) from holding Yelooo Integra Datanet or give up 12.5% 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. Satria Antaran Prima
Performance |
| Timeline |
| Yelooo Integra Datanet |
| Satria Antaran Prima |
Yelooo Integra and Satria Antaran Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yelooo Integra and Satria Antaran
The main advantage of trading using opposite Yelooo Integra and Satria Antaran positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yelooo Integra position performs unexpectedly, Satria Antaran 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 Satria Antaran will offset losses from the drop in Satria Antaran'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 |
| Satria Antaran vs. Guna Timur Raya | Satria Antaran vs. Transcoal Pacific Tbk | Satria Antaran vs. Pelayaran Nelly Dwi | Satria Antaran vs. Yelooo Integra Datanet |
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 Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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