Correlation Between IDX 30 and Cipta Selera
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By analyzing existing cross correlation between IDX 30 Jakarta and Cipta Selera Murni, you can compare the effects of market volatilities on IDX 30 and Cipta Selera 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 Cipta Selera. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Cipta Selera.
Diversification Opportunities for IDX 30 and Cipta Selera
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between IDX and Cipta is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Cipta Selera Murni in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cipta Selera Murni 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 Cipta Selera. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cipta Selera Murni has no effect on the direction of IDX 30 i.e., IDX 30 and Cipta Selera go up and down completely randomly.
Pair Corralation between IDX 30 and Cipta Selera
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to under-perform the Cipta Selera. But the index apears to be less risky and, when comparing its historical volatility, IDX 30 Jakarta is 1.58 times less risky than Cipta Selera. The index trades about -0.02 of its potential returns per unit of risk. The Cipta Selera Murni is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 315,000 in Cipta Selera Murni on August 30, 2024 and sell it today you would lose (13,000) from holding Cipta Selera Murni or give up 4.13% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.79% |
| Values | Daily Returns |
IDX 30 Jakarta vs. Cipta Selera Murni
Performance |
| Timeline |
IDX 30 and Cipta Selera Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Cipta Selera Murni
Pair trading matchups for Cipta Selera
Pair Trading with IDX 30 and Cipta Selera
The main advantage of trading using opposite IDX 30 and Cipta Selera positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Cipta Selera 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 Cipta Selera will offset losses from the drop in Cipta Selera's long position.| IDX 30 vs. Weha Transportasi Indonesia | IDX 30 vs. PT Boston Furniture | IDX 30 vs. Yelooo Integra Datanet | IDX 30 vs. Surya Citra Media |
| Cipta Selera vs. Era Media Sejahtera | Cipta Selera vs. Dharma Polimetal Tbk | Cipta Selera vs. Mahaka Media Tbk | Cipta Selera vs. Lippo General Insurance |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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