Correlation Between IDX 30 and Ever Shine
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By analyzing existing cross correlation between IDX 30 Jakarta and Ever Shine Textile, you can compare the effects of market volatilities on IDX 30 and Ever Shine 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 Ever Shine. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Ever Shine.
Diversification Opportunities for IDX 30 and Ever Shine
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between IDX and Ever is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Ever Shine Textile in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ever Shine Textile 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 Ever Shine. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ever Shine Textile has no effect on the direction of IDX 30 i.e., IDX 30 and Ever Shine go up and down completely randomly.
Pair Corralation between IDX 30 and Ever Shine
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to under-perform the Ever Shine. But the index apears to be less risky and, when comparing its historical volatility, IDX 30 Jakarta is 3.12 times less risky than Ever Shine. The index trades about -0.02 of its potential returns per unit of risk. The Ever Shine Textile is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 4,941 in Ever Shine Textile on August 25, 2024 and sell it today you would lose (341.00) from holding Ever Shine Textile or give up 6.9% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.58% |
| Values | Daily Returns |
IDX 30 Jakarta vs. Ever Shine Textile
Performance |
| Timeline |
IDX 30 and Ever Shine Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Ever Shine Textile
Pair trading matchups for Ever Shine
Pair Trading with IDX 30 and Ever Shine
The main advantage of trading using opposite IDX 30 and Ever Shine positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Ever Shine 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 Ever Shine will offset losses from the drop in Ever Shine's long position.| IDX 30 vs. Lippo General Insurance | IDX 30 vs. Garuda Metalindo Tbk | IDX 30 vs. Indo Acidatama Tbk | IDX 30 vs. Weha Transportasi Indonesia |
| Ever Shine vs. Eratex Djaja Tbk | Ever Shine vs. Goodyear Indonesia Tbk | Ever Shine vs. PT Century Textile | Ever Shine vs. Sepatu Bata 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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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