Correlation Between Bank Mandiri and Fortitude Gold
Can any of the company-specific risk be diversified away by investing in both Bank Mandiri and Fortitude Gold 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 Fortitude Gold 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 Fortitude Gold Corp, you can compare the effects of market volatilities on Bank Mandiri and Fortitude Gold 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 Fortitude Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank Mandiri and Fortitude Gold.
Diversification Opportunities for Bank Mandiri and Fortitude Gold
-0.77 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Bank and Fortitude is -0.77. Overlapping area represents the amount of risk that can be diversified away by holding Bank Mandiri Persero and Fortitude Gold Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fortitude Gold Corp 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 Fortitude Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fortitude Gold Corp has no effect on the direction of Bank Mandiri i.e., Bank Mandiri and Fortitude Gold go up and down completely randomly.
Pair Corralation between Bank Mandiri and Fortitude Gold
Assuming the 90 days horizon Bank Mandiri Persero is expected to under-perform the Fortitude Gold. But the pink sheet apears to be less risky and, when comparing its historical volatility, Bank Mandiri Persero is 1.55 times less risky than Fortitude Gold. The pink sheet trades about -0.09 of its potential returns per unit of risk. The Fortitude Gold Corp is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 348.00 in Fortitude Gold Corp on July 8, 2025 and sell it today you would earn a total of 91.00 from holding Fortitude Gold Corp or generate 26.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bank Mandiri Persero vs. Fortitude Gold Corp
Performance |
| Timeline |
| Bank Mandiri Persero |
| Fortitude Gold Corp |
Bank Mandiri and Fortitude Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bank Mandiri and Fortitude Gold
The main advantage of trading using opposite Bank Mandiri and Fortitude Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank Mandiri position performs unexpectedly, Fortitude Gold 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 Fortitude Gold will offset losses from the drop in Fortitude Gold's long position.| Bank Mandiri vs. Western Alliance Bancorporation | Bank Mandiri vs. Zions Bancorporation | Bank Mandiri vs. KeyCorp | Bank Mandiri vs. First Republic Bank |
| Fortitude Gold vs. Gold Resource | Fortitude Gold vs. i 80 Gold Corp | Fortitude Gold vs. Orla Mining | Fortitude Gold vs. DRDGOLD Limited ADR |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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