Correlation Between IDX 30 and Elnusa Tbk
Specify exactly 2 symbols:
By analyzing existing cross correlation between IDX 30 Jakarta and Elnusa Tbk, you can compare the effects of market volatilities on IDX 30 and Elnusa Tbk 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 Elnusa Tbk. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Elnusa Tbk.
Diversification Opportunities for IDX 30 and Elnusa Tbk
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between IDX and Elnusa is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Elnusa Tbk in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Elnusa 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 Elnusa Tbk. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Elnusa Tbk has no effect on the direction of IDX 30 i.e., IDX 30 and Elnusa Tbk go up and down completely randomly.
Pair Corralation between IDX 30 and Elnusa Tbk
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to under-perform the Elnusa Tbk. But the index apears to be less risky and, when comparing its historical volatility, IDX 30 Jakarta is 1.22 times less risky than Elnusa Tbk. The index trades about -0.26 of its potential returns per unit of risk. The Elnusa Tbk is currently generating about -0.2 of returns per unit of risk over similar time horizon. If you would invest 47,200 in Elnusa Tbk on August 31, 2024 and sell it today you would lose (2,800) from holding Elnusa Tbk or give up 5.93% 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. Elnusa Tbk
Performance |
| Timeline |
IDX 30 and Elnusa Tbk Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Elnusa Tbk
Pair trading matchups for Elnusa Tbk
Pair Trading with IDX 30 and Elnusa Tbk
The main advantage of trading using opposite IDX 30 and Elnusa Tbk positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Elnusa Tbk 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 Elnusa Tbk will offset losses from the drop in Elnusa Tbk'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 |
| Elnusa Tbk vs. Medco Energi Internasional | Elnusa Tbk vs. Timah Persero Tbk | Elnusa Tbk vs. Vale Indonesia Tbk | Elnusa Tbk vs. Indika Energy 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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
Other Complementary Tools
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| CEOs Directory Screen CEOs from public companies around the world |