Correlation Between Bank Mandiri and Omni Health
Can any of the company-specific risk be diversified away by investing in both Bank Mandiri and Omni Health 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 Bank Mandiri and Omni Health into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bank Mandiri Persero and Omni Health, you can compare the effects of market volatilities on Bank Mandiri and Omni Health 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 Bank Mandiri with a short position of Omni Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank Mandiri and Omni Health.
Diversification Opportunities for Bank Mandiri and Omni Health
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Bank and Omni is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Bank Mandiri Persero and Omni Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Omni Health and Bank Mandiri 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 Bank Mandiri Persero are associated (or correlated) with Omni Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Omni Health has no effect on the direction of Bank Mandiri i.e., Bank Mandiri and Omni Health go up and down completely randomly.
Pair Corralation between Bank Mandiri and Omni Health
If you would invest 44.00 in Bank Mandiri Persero on February 16, 2024 and sell it today you would lose (1.00) from holding Bank Mandiri Persero or give up 2.27% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 98.41% |
Values | Daily Returns |
Bank Mandiri Persero vs. Omni Health
Performance |
Timeline |
Bank Mandiri Persero |
Omni Health |
Bank Mandiri and Omni Health Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Bank Mandiri and Omni Health
The main advantage of trading using opposite Bank Mandiri and Omni Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank Mandiri position performs unexpectedly, Omni Health 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 Omni Health will offset losses from the drop in Omni Health's long position.Bank Mandiri vs. PT Bank Rakyat | Bank Mandiri vs. Alpha Services and | Bank Mandiri vs. Piraeus Bank SA | Bank Mandiri vs. Eurobank Ergasias Services |
Omni Health vs. Green Cures Botanical | Omni Health vs. Ubiquitech Software | Omni Health vs. OWC Pharmaceutical Research |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
Other Complementary Tools
ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
FinTech Suite Use AI to screen and filter profitable investment opportunities | |
Content Syndication Quickly integrate customizable finance content to your own investment portal | |
Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. |