Correlation Between Garudafood Putra and IDX 30
Specify exactly 2 symbols:
By analyzing existing cross correlation between Garudafood Putra Putri and IDX 30 Jakarta, you can compare the effects of market volatilities on Garudafood Putra and IDX 30 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 Garudafood Putra with a short position of IDX 30. Check out your portfolio center. Please also check ongoing floating volatility patterns of Garudafood Putra and IDX 30.
Diversification Opportunities for Garudafood Putra and IDX 30
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between Garudafood and IDX is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Garudafood Putra Putri and IDX 30 Jakarta in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IDX 30 Jakarta and Garudafood Putra 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 Garudafood Putra Putri are associated (or correlated) with IDX 30. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of IDX 30 Jakarta has no effect on the direction of Garudafood Putra i.e., Garudafood Putra and IDX 30 go up and down completely randomly.
Pair Corralation between Garudafood Putra and IDX 30
Assuming the 90 days trading horizon Garudafood Putra Putri is expected to under-perform the IDX 30. In addition to that, Garudafood Putra is 2.14 times more volatile than IDX 30 Jakarta. It trades about -0.18 of its total potential returns per unit of risk. IDX 30 Jakarta is currently generating about -0.28 per unit of volatility. If you would invest 46,945 in IDX 30 Jakarta on September 2, 2024 and sell it today you would lose (3,072) from holding IDX 30 Jakarta or give up 6.54% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Garudafood Putra Putri vs. IDX 30 Jakarta
Performance |
| Timeline |
Garudafood Putra and IDX 30 Volatility Contrast
Predicted Return Density |
| Returns |
Garudafood Putra Putri
Pair trading matchups for Garudafood Putra
IDX 30 Jakarta
Pair trading matchups for IDX 30
Pair Trading with Garudafood Putra and IDX 30
The main advantage of trading using opposite Garudafood Putra and IDX 30 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Garudafood Putra position performs unexpectedly, IDX 30 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 IDX 30 will offset losses from the drop in IDX 30's long position.| Garudafood Putra vs. Bank BRISyariah Tbk | Garudafood Putra vs. Mitra Pinasthika Mustika | Garudafood Putra vs. Jakarta Int Hotels | Garudafood Putra vs. Indosterling Technomedia Tbk |
| IDX 30 vs. Ace Hardware Indonesia | IDX 30 vs. Alumindo Light Metal | IDX 30 vs. Metro Healthcare Indonesia | IDX 30 vs. PT Jobubu Jarum |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
Other Complementary Tools
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Stocks Directory Find actively traded stocks across global markets | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes |