Correlation Between IDX 30 and Fortune Mate
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By analyzing existing cross correlation between IDX 30 Jakarta and Fortune Mate Indonesia, you can compare the effects of market volatilities on IDX 30 and Fortune Mate 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 Fortune Mate. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Fortune Mate.
Diversification Opportunities for IDX 30 and Fortune Mate
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IDX and Fortune is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Fortune Mate Indonesia in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fortune Mate Indonesia 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 Fortune Mate. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fortune Mate Indonesia has no effect on the direction of IDX 30 i.e., IDX 30 and Fortune Mate go up and down completely randomly.
Pair Corralation between IDX 30 and Fortune Mate
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to under-perform the Fortune Mate. But the index apears to be less risky and, when comparing its historical volatility, IDX 30 Jakarta is 9.47 times less risky than Fortune Mate. The index trades about -0.26 of its potential returns per unit of risk. The Fortune Mate Indonesia is currently generating about 0.43 of returns per unit of risk over similar time horizon. If you would invest 23,800 in Fortune Mate Indonesia on August 31, 2024 and sell it today you would earn a total of 30,700 from holding Fortune Mate Indonesia or generate 128.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
IDX 30 Jakarta vs. Fortune Mate Indonesia
Performance |
| Timeline |
IDX 30 and Fortune Mate Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Fortune Mate Indonesia
Pair trading matchups for Fortune Mate
Pair Trading with IDX 30 and Fortune Mate
The main advantage of trading using opposite IDX 30 and Fortune Mate positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Fortune Mate 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 Fortune Mate will offset losses from the drop in Fortune Mate'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 |
| Fortune Mate vs. Lippo Cikarang Tbk | Fortune Mate vs. Bekasi Asri Pemula | Fortune Mate vs. Mitra Pinasthika Mustika | Fortune Mate vs. Jakarta Int Hotels |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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