Correlation Between IDX 30 and Trimitra Prawara
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By analyzing existing cross correlation between IDX 30 Jakarta and Trimitra Prawara Goldland, you can compare the effects of market volatilities on IDX 30 and Trimitra Prawara 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 Trimitra Prawara. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Trimitra Prawara.
Diversification Opportunities for IDX 30 and Trimitra Prawara
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between IDX and Trimitra is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Trimitra Prawara Goldland in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Trimitra Prawara Goldland 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 Trimitra Prawara. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Trimitra Prawara Goldland has no effect on the direction of IDX 30 i.e., IDX 30 and Trimitra Prawara go up and down completely randomly.
Pair Corralation between IDX 30 and Trimitra Prawara
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to under-perform the Trimitra Prawara. But the index apears to be less risky and, when comparing its historical volatility, IDX 30 Jakarta is 3.04 times less risky than Trimitra Prawara. The index trades about -0.28 of its potential returns per unit of risk. The Trimitra Prawara Goldland is currently generating about -0.09 of returns per unit of risk over similar time horizon. If you would invest 2,700 in Trimitra Prawara Goldland on September 2, 2024 and sell it today you would lose (200.00) from holding Trimitra Prawara Goldland or give up 7.41% 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. Trimitra Prawara Goldland
Performance |
| Timeline |
IDX 30 and Trimitra Prawara Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Trimitra Prawara Goldland
Pair trading matchups for Trimitra Prawara
Pair Trading with IDX 30 and Trimitra Prawara
The main advantage of trading using opposite IDX 30 and Trimitra Prawara positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Trimitra Prawara 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 Trimitra Prawara will offset losses from the drop in Trimitra Prawara's long position.| 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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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