Correlation Between Shougang Fushan and PT Bukit
Can any of the company-specific risk be diversified away by investing in both Shougang Fushan and PT Bukit 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 Shougang Fushan and PT Bukit into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Shougang Fushan Resources and PT Bukit Asam, you can compare the effects of market volatilities on Shougang Fushan and PT Bukit 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 Shougang Fushan with a short position of PT Bukit. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shougang Fushan and PT Bukit.
Diversification Opportunities for Shougang Fushan and PT Bukit
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Shougang and PBATF is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Shougang Fushan Resources and PT Bukit Asam in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PT Bukit Asam and Shougang Fushan 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 Shougang Fushan Resources are associated (or correlated) with PT Bukit. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PT Bukit Asam has no effect on the direction of Shougang Fushan i.e., Shougang Fushan and PT Bukit go up and down completely randomly.
Pair Corralation between Shougang Fushan and PT Bukit
If you would invest (100.00) in PT Bukit Asam on August 19, 2025 and sell it today you would earn a total of 100.00 from holding PT Bukit Asam or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shougang Fushan Resources vs. PT Bukit Asam
Performance |
| Timeline |
| Shougang Fushan Resources |
Risk-Adjusted Performance
Weakest
Weak | Strong |
| PT Bukit Asam |
Risk-Adjusted Performance
Weakest
Weak | Strong |
Shougang Fushan and PT Bukit Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shougang Fushan and PT Bukit
The main advantage of trading using opposite Shougang Fushan and PT Bukit positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shougang Fushan position performs unexpectedly, PT Bukit 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 PT Bukit will offset losses from the drop in PT Bukit's long position.| Shougang Fushan vs. Mongolian Mining | Shougang Fushan vs. Indo Tambangraya Megah | Shougang Fushan vs. Bukit Asam Tbk | Shougang Fushan vs. CIMC Enric Holdings |
| PT Bukit vs. Indo Tambangraya Megah | PT Bukit vs. New Hope | PT Bukit vs. Medco Energi Internasional | PT Bukit vs. Mongolian Mining |
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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