Correlation Between SPACE and Bukit Jalil

Can any of the company-specific risk be diversified away by investing in both SPACE and Bukit Jalil 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 SPACE and Bukit Jalil into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between SPACE and Bukit Jalil Global, you can compare the effects of market volatilities on SPACE and Bukit Jalil 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 SPACE with a short position of Bukit Jalil. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPACE and Bukit Jalil.

Diversification Opportunities for SPACE and Bukit Jalil

0.49

Correlation Coefficient

SPACE  Bukit Jalil

Very weak diversification

The 3 months correlation between SPACE and Bukit is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding SPACE and Bukit Jalil Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bukit Jalil Global and SPACE 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 SPACE are associated (or correlated) with Bukit Jalil. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bukit Jalil Global has no effect on the direction of SPACE i.e., SPACE and Bukit Jalil go up and down completely randomly.

Pair Corralation between SPACE and Bukit Jalil

Assuming the 90 days horizon SPACE is expected to under-perform the Bukit Jalil. But the crypto coin apears to be less risky and, when comparing its historical volatility, SPACE is 2.49 times less risky than Bukit Jalil. The crypto coin trades about -0.13 of its potential returns per unit of risk. The Bukit Jalil Global is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest  2.90  in Bukit Jalil Global on December 21, 2024 and sell it today you would earn a total of  0.39  from holding Bukit Jalil Global or generate 13.45% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Weak
Accuracy	46.03%
Values	Daily Returns

SPACE  vs.  Bukit Jalil Global

SPACE

Risk-Adjusted Performance

Very Weak

Over the last 90 days SPACE has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of unsteady performance in the last few months, the Crypto's fundamental indicators remain rather sound which may send shares a bit higher in April 2025. The latest tumult may also be a sign of longer-term up-swing for SPACE shareholders.

Bukit Jalil Global

Risk-Adjusted Performance

OK

Compared to the overall equity markets, risk-adjusted returns on investments in Bukit Jalil Global are ranked lower than 7 (%) of all global equities and portfolios over the last 90 days. In spite of fairly fragile basic indicators, Bukit Jalil showed solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with SPACE and Bukit Jalil

The main advantage of trading using opposite SPACE and Bukit Jalil positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPACE position performs unexpectedly, Bukit Jalil 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 Bukit Jalil will offset losses from the drop in Bukit Jalil's long position.

The idea behind SPACE and Bukit Jalil Global pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.