Correlation Between IDX 30 and Intiland Development
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By analyzing existing cross correlation between IDX 30 Jakarta and Intiland Development Tbk, you can compare the effects of market volatilities on IDX 30 and Intiland Development 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 Intiland Development. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Intiland Development.
Diversification Opportunities for IDX 30 and Intiland Development
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between IDX and Intiland is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Intiland Development Tbk in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Intiland Development Tbk 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 Intiland Development. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Intiland Development Tbk has no effect on the direction of IDX 30 i.e., IDX 30 and Intiland Development go up and down completely randomly.
Pair Corralation between IDX 30 and Intiland Development
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to generate 0.85 times more return on investment than Intiland Development. However, IDX 30 Jakarta is 1.18 times less risky than Intiland Development. It trades about -0.28 of its potential returns per unit of risk. Intiland Development Tbk is currently generating about -0.32 per unit of risk. If you would invest 46,945 in IDX 30 Jakarta on September 2, 2024 and sell it today you would lose (3,072) from holding IDX 30 Jakarta or give up 6.54% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
IDX 30 Jakarta vs. Intiland Development Tbk
Performance |
| Timeline |
IDX 30 and Intiland Development Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Intiland Development Tbk
Pair trading matchups for Intiland Development
Pair Trading with IDX 30 and Intiland Development
The main advantage of trading using opposite IDX 30 and Intiland Development positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Intiland Development 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 Intiland Development will offset losses from the drop in Intiland Development's long position.| IDX 30 vs. Ace Hardware Indonesia | IDX 30 vs. Alumindo Light Metal | IDX 30 vs. Metro Healthcare Indonesia | IDX 30 vs. PT Jobubu Jarum |
| Intiland Development vs. Sentul City Tbk | Intiland Development vs. Modernland Realty Ltd | Intiland Development vs. Kawasan Industri Jababeka | Intiland Development vs. Ciputra Development 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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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