Correlation Between IDX 30 and PT Jobubu
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By analyzing existing cross correlation between IDX 30 Jakarta and PT Jobubu Jarum, you can compare the effects of market volatilities on IDX 30 and PT Jobubu 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 PT Jobubu. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and PT Jobubu.
Diversification Opportunities for IDX 30 and PT Jobubu
Weak diversification
The 3 months correlation between IDX and BEER is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and PT Jobubu Jarum in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PT Jobubu Jarum 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 PT Jobubu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PT Jobubu Jarum has no effect on the direction of IDX 30 i.e., IDX 30 and PT Jobubu go up and down completely randomly.
Pair Corralation between IDX 30 and PT Jobubu
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to generate 0.38 times more return on investment than PT Jobubu. However, IDX 30 Jakarta is 2.63 times less risky than PT Jobubu. It trades about -0.01 of its potential returns per unit of risk. PT Jobubu Jarum is currently generating about -0.03 per unit of risk. If you would invest 49,281 in IDX 30 Jakarta on August 28, 2024 and sell it today you would lose (3,413) from holding IDX 30 Jakarta or give up 6.93% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.35% |
| Values | Daily Returns |
IDX 30 Jakarta vs. PT Jobubu Jarum
Performance |
| Timeline |
IDX 30 and PT Jobubu Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
PT Jobubu Jarum
Pair trading matchups for PT Jobubu
Pair Trading with IDX 30 and PT Jobubu
The main advantage of trading using opposite IDX 30 and PT Jobubu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, PT Jobubu 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 PT Jobubu will offset losses from the drop in PT Jobubu's long position.| IDX 30 vs. Lion Metal Works | IDX 30 vs. Indointernet Tbk PT | IDX 30 vs. Enseval Putra Megatrading | IDX 30 vs. Surya Citra Media |
| PT Jobubu vs. Bank Central Asia | PT Jobubu vs. Bank Rakyat Indonesia | PT Jobubu vs. Bayan Resources Tbk | PT Jobubu vs. Bank Mandiri Persero |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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