Correlation Between IDX 30 and Citra Borneo
Specify exactly 2 symbols:
By analyzing existing cross correlation between IDX 30 Jakarta and Citra Borneo Utama, you can compare the effects of market volatilities on IDX 30 and Citra Borneo 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 Citra Borneo. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Citra Borneo.
Diversification Opportunities for IDX 30 and Citra Borneo
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between IDX and Citra is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Citra Borneo Utama in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Citra Borneo Utama 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 Citra Borneo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Citra Borneo Utama has no effect on the direction of IDX 30 i.e., IDX 30 and Citra Borneo go up and down completely randomly.
Pair Corralation between IDX 30 and Citra Borneo
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to generate 0.39 times more return on investment than Citra Borneo. However, IDX 30 Jakarta is 2.57 times less risky than Citra Borneo. It trades about -0.26 of its potential returns per unit of risk. Citra Borneo Utama is currently generating about -0.25 per unit of risk. If you would invest 47,624 in IDX 30 Jakarta on August 31, 2024 and sell it today you would lose (2,849) from holding IDX 30 Jakarta or give up 5.98% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.45% |
| Values | Daily Returns |
IDX 30 Jakarta vs. Citra Borneo Utama
Performance |
| Timeline |
IDX 30 and Citra Borneo Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Citra Borneo Utama
Pair trading matchups for Citra Borneo
Pair Trading with IDX 30 and Citra Borneo
The main advantage of trading using opposite IDX 30 and Citra Borneo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Citra Borneo 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 Citra Borneo will offset losses from the drop in Citra Borneo's long position.| IDX 30 vs. Victoria Insurance Tbk | IDX 30 vs. Indo Acidatama Tbk | IDX 30 vs. PT Data Sinergitama | IDX 30 vs. Garudafood Putra Putri |
| Citra Borneo vs. Indosterling Technomedia Tbk | Citra Borneo vs. PT Hatten Bali | Citra Borneo vs. Fast Food Indonesia | Citra Borneo vs. Inocycle Technology 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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
Other Complementary Tools
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated |