Correlation Between Tri Banyan and Hero Supermarket
Can any of the company-specific risk be diversified away by investing in both Tri Banyan and Hero Supermarket 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 Tri Banyan and Hero Supermarket into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Tri Banyan Tirta and Hero Supermarket Tbk, you can compare the effects of market volatilities on Tri Banyan and Hero Supermarket 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 Tri Banyan with a short position of Hero Supermarket. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tri Banyan and Hero Supermarket.
Diversification Opportunities for Tri Banyan and Hero Supermarket
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Tri and Hero is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Tri Banyan Tirta and Hero Supermarket Tbk in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hero Supermarket Tbk and Tri Banyan 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 Tri Banyan Tirta are associated (or correlated) with Hero Supermarket. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hero Supermarket Tbk has no effect on the direction of Tri Banyan i.e., Tri Banyan and Hero Supermarket go up and down completely randomly.
Pair Corralation between Tri Banyan and Hero Supermarket
If you would invest (100.00) in Tri Banyan Tirta on December 30, 2023 and sell it today you would earn a total of 100.00 from holding Tri Banyan Tirta or generate -100.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Tri Banyan Tirta vs. Hero Supermarket Tbk
Performance |
Timeline |
Tri Banyan Tirta |
Risk-Adjusted Performance
0 of 100
Low | High |
Very Weak
Hero Supermarket Tbk |
Tri Banyan and Hero Supermarket Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Tri Banyan and Hero Supermarket
The main advantage of trading using opposite Tri Banyan and Hero Supermarket positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tri Banyan position performs unexpectedly, Hero Supermarket 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 Hero Supermarket will offset losses from the drop in Hero Supermarket's long position.Tri Banyan vs. Intermedia Capital Tbk | Tri Banyan vs. Inocycle Technology Tbk | Tri Banyan vs. HK Metals Utama | Tri Banyan vs. Dyandra Media International |
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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 CEOs Directory module to screen CEOs from public companies around the world.
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