Correlation Between Asuransi Harta and Jaya Real
Can any of the company-specific risk be diversified away by investing in both Asuransi Harta and Jaya Real 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 Asuransi Harta and Jaya Real into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Asuransi Harta Aman and Jaya Real Property, you can compare the effects of market volatilities on Asuransi Harta and Jaya Real 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 Asuransi Harta with a short position of Jaya Real. Check out your portfolio center. Please also check ongoing floating volatility patterns of Asuransi Harta and Jaya Real.
Diversification Opportunities for Asuransi Harta and Jaya Real
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between Asuransi and Jaya is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding Asuransi Harta Aman and Jaya Real Property in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jaya Real Property and Asuransi Harta 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 Asuransi Harta Aman are associated (or correlated) with Jaya Real. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jaya Real Property has no effect on the direction of Asuransi Harta i.e., Asuransi Harta and Jaya Real go up and down completely randomly.
Pair Corralation between Asuransi Harta and Jaya Real
Assuming the 90 days trading horizon Asuransi Harta Aman is expected to under-perform the Jaya Real. In addition to that, Asuransi Harta is 3.37 times more volatile than Jaya Real Property. It trades about -0.15 of its total potential returns per unit of risk. Jaya Real Property is currently generating about -0.02 per unit of volatility. If you would invest 74,000 in Jaya Real Property on December 30, 2024 and sell it today you would lose (1,000.00) from holding Jaya Real Property or give up 1.35% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Asuransi Harta Aman vs. Jaya Real Property
Performance |
Timeline |
Asuransi Harta Aman |
Jaya Real Property |
Asuransi Harta and Jaya Real Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Asuransi Harta and Jaya Real
The main advantage of trading using opposite Asuransi Harta and Jaya Real positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Asuransi Harta position performs unexpectedly, Jaya Real 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 Jaya Real will offset losses from the drop in Jaya Real's long position.Asuransi Harta vs. Asuransi Bintang Tbk | Asuransi Harta vs. Asuransi Bina Dana | Asuransi Harta vs. Asuransi Dayin Mitra | Asuransi Harta vs. Asuransi Jasa Tania |
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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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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