Correlation Between IDX 30 and Graha Layar
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By analyzing existing cross correlation between IDX 30 Jakarta and Graha Layar Prima, you can compare the effects of market volatilities on IDX 30 and Graha Layar 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 Graha Layar. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Graha Layar.
Diversification Opportunities for IDX 30 and Graha Layar
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between IDX and Graha is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Graha Layar Prima in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Graha Layar Prima 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 Graha Layar. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Graha Layar Prima has no effect on the direction of IDX 30 i.e., IDX 30 and Graha Layar go up and down completely randomly.
Pair Corralation between IDX 30 and Graha Layar
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to under-perform the Graha Layar. But the index apears to be less risky and, when comparing its historical volatility, IDX 30 Jakarta is 5.6 times less risky than Graha Layar. The index trades about -0.02 of its potential returns per unit of risk. The Graha Layar Prima is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 177,500 in Graha Layar Prima on August 27, 2024 and sell it today you would earn a total of 22,500 from holding Graha Layar Prima or generate 12.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.58% |
| Values | Daily Returns |
IDX 30 Jakarta vs. Graha Layar Prima
Performance |
| Timeline |
IDX 30 and Graha Layar Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Graha Layar Prima
Pair trading matchups for Graha Layar
Pair Trading with IDX 30 and Graha Layar
The main advantage of trading using opposite IDX 30 and Graha Layar positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Graha Layar 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 Graha Layar will offset losses from the drop in Graha Layar'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 |
| Graha Layar vs. Electronic City Indonesia | Graha Layar vs. Bayu Buana Tbk | Graha Layar vs. Bintang Oto Global | Graha Layar vs. Garuda Metalindo Tbk |
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 CEOs Directory module to screen CEOs from public companies around the world.
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