Correlation Between IDX 30 and Diagnos Laboratorium
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By analyzing existing cross correlation between IDX 30 Jakarta and Diagnos Laboratorium Utama, you can compare the effects of market volatilities on IDX 30 and Diagnos Laboratorium 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 Diagnos Laboratorium. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Diagnos Laboratorium.
Diversification Opportunities for IDX 30 and Diagnos Laboratorium
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between IDX and Diagnos is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Diagnos Laboratorium Utama in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Diagnos Laboratorium 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 Diagnos Laboratorium. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Diagnos Laboratorium has no effect on the direction of IDX 30 i.e., IDX 30 and Diagnos Laboratorium go up and down completely randomly.
Pair Corralation between IDX 30 and Diagnos Laboratorium
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to generate 0.31 times more return on investment than Diagnos Laboratorium. However, IDX 30 Jakarta is 3.18 times less risky than Diagnos Laboratorium. It trades about -0.31 of its potential returns per unit of risk. Diagnos Laboratorium Utama is currently generating about -0.24 per unit of risk. If you would invest 47,396 in IDX 30 Jakarta on September 1, 2024 and sell it today you would lose (3,523) from holding IDX 30 Jakarta or give up 7.43% 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. Diagnos Laboratorium Utama
Performance |
| Timeline |
IDX 30 and Diagnos Laboratorium Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Diagnos Laboratorium Utama
Pair trading matchups for Diagnos Laboratorium
Pair Trading with IDX 30 and Diagnos Laboratorium
The main advantage of trading using opposite IDX 30 and Diagnos Laboratorium positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Diagnos Laboratorium 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 Diagnos Laboratorium will offset losses from the drop in Diagnos Laboratorium's long position.| IDX 30 vs. Indorama Synthetics Tbk | IDX 30 vs. PT Hetzer Medical | IDX 30 vs. Alumindo Light Metal | IDX 30 vs. PT Bank Bisnis |
| Diagnos Laboratorium vs. Prodia Widyahusada Tbk | Diagnos Laboratorium vs. Medikaloka Hermina PT | Diagnos Laboratorium vs. Itama Ranoraya | Diagnos Laboratorium vs. Digital Mediatama Maxima |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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