Correlation Between Hanjaya Mandala and IDX 30
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By analyzing existing cross correlation between Hanjaya Mandala Sampoerna and IDX 30 Jakarta, you can compare the effects of market volatilities on Hanjaya Mandala 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 Hanjaya Mandala with a short position of IDX 30. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hanjaya Mandala and IDX 30.
Diversification Opportunities for Hanjaya Mandala and IDX 30
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Hanjaya and IDX is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Hanjaya Mandala Sampoerna 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 Hanjaya Mandala 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 Hanjaya Mandala Sampoerna 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 Hanjaya Mandala i.e., Hanjaya Mandala and IDX 30 go up and down completely randomly.
Pair Corralation between Hanjaya Mandala and IDX 30
Assuming the 90 days trading horizon Hanjaya Mandala Sampoerna is expected to under-perform the IDX 30. But the stock apears to be less risky and, when comparing its historical volatility, Hanjaya Mandala Sampoerna is 1.23 times less risky than IDX 30. The stock trades about -0.22 of its potential returns per unit of risk. The IDX 30 Jakarta is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 42,321 in IDX 30 Jakarta on October 26, 2024 and sell it today you would earn a total of 422.00 from holding IDX 30 Jakarta or generate 1.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hanjaya Mandala Sampoerna vs. IDX 30 Jakarta
Performance |
| Timeline |
Hanjaya Mandala and IDX 30 Volatility Contrast
Predicted Return Density |
| Returns |
Hanjaya Mandala Sampoerna
Pair trading matchups for Hanjaya Mandala
IDX 30 Jakarta
Pair trading matchups for IDX 30
Pair Trading with Hanjaya Mandala and IDX 30
The main advantage of trading using opposite Hanjaya Mandala and IDX 30 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hanjaya Mandala 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.| Hanjaya Mandala vs. Gudang Garam Tbk | Hanjaya Mandala vs. Unilever Indonesia Tbk | Hanjaya Mandala vs. Indofood Cbp Sukses | Hanjaya Mandala vs. PT Indofood Sukses |
| IDX 30 vs. Metrodata Electronics Tbk | IDX 30 vs. Siloam International Hospitals | IDX 30 vs. PT Data Sinergitama | IDX 30 vs. Lotte Chemical Titan |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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