Correlation Between IDX 30 and Argo Pantes
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By analyzing existing cross correlation between IDX 30 Jakarta and Argo Pantes Tbk, you can compare the effects of market volatilities on IDX 30 and Argo Pantes 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 IDX 30 with a short position of Argo Pantes. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Argo Pantes.
Diversification Opportunities for IDX 30 and Argo Pantes
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between IDX and Argo is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Argo Pantes Tbk in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Argo Pantes Tbk and IDX 30 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 IDX 30 Jakarta are associated (or correlated) with Argo Pantes. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Argo Pantes Tbk has no effect on the direction of IDX 30 i.e., IDX 30 and Argo Pantes go up and down completely randomly.
Pair Corralation between IDX 30 and Argo Pantes
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to generate 0.3 times more return on investment than Argo Pantes. However, IDX 30 Jakarta is 3.29 times less risky than Argo Pantes. It trades about -0.29 of its potential returns per unit of risk. Argo Pantes Tbk is currently generating about -0.12 per unit of risk. If you would invest 50,475 in IDX 30 Jakarta on August 25, 2024 and sell it today you would lose (5,608) from holding IDX 30 Jakarta or give up 11.11% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
IDX 30 Jakarta vs. Argo Pantes Tbk
Performance |
| Timeline |
IDX 30 and Argo Pantes Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Argo Pantes Tbk
Pair trading matchups for Argo Pantes
Pair Trading with IDX 30 and Argo Pantes
The main advantage of trading using opposite IDX 30 and Argo Pantes positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Argo Pantes 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 Argo Pantes will offset losses from the drop in Argo Pantes' long position.| IDX 30 vs. Lippo General Insurance | IDX 30 vs. Garuda Metalindo Tbk | IDX 30 vs. Indo Acidatama Tbk | IDX 30 vs. Weha Transportasi Indonesia |
| Argo Pantes vs. Sepatu Bata Tbk | Argo Pantes vs. Ever Shine Textile | Argo Pantes vs. Eratex Djaja Tbk | Argo Pantes vs. PT Century Textile |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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