Correlation Between IDX 30 and Gema Grahasarana
Specify exactly 2 symbols:
By analyzing existing cross correlation between IDX 30 Jakarta and Gema Grahasarana Tbk, you can compare the effects of market volatilities on IDX 30 and Gema Grahasarana 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 Gema Grahasarana. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Gema Grahasarana.
Diversification Opportunities for IDX 30 and Gema Grahasarana
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between IDX and Gema is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Gema Grahasarana Tbk in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gema Grahasarana 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 Gema Grahasarana. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gema Grahasarana Tbk has no effect on the direction of IDX 30 i.e., IDX 30 and Gema Grahasarana go up and down completely randomly.
Pair Corralation between IDX 30 and Gema Grahasarana
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to under-perform the Gema Grahasarana. But the index apears to be less risky and, when comparing its historical volatility, IDX 30 Jakarta is 3.69 times less risky than Gema Grahasarana. The index trades about -0.04 of its potential returns per unit of risk. The Gema Grahasarana Tbk is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 27,500 in Gema Grahasarana Tbk on August 25, 2024 and sell it today you would lose (4,100) from holding Gema Grahasarana Tbk or give up 14.91% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
IDX 30 Jakarta vs. Gema Grahasarana Tbk
Performance |
| Timeline |
IDX 30 and Gema Grahasarana Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Gema Grahasarana Tbk
Pair trading matchups for Gema Grahasarana
Pair Trading with IDX 30 and Gema Grahasarana
The main advantage of trading using opposite IDX 30 and Gema Grahasarana positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Gema Grahasarana 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 Gema Grahasarana will offset losses from the drop in Gema Grahasarana'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 |
| Gema Grahasarana vs. Fortune Indonesia Tbk | Gema Grahasarana vs. Fks Multi Agro | Gema Grahasarana vs. Bayu Buana Tbk | Gema Grahasarana vs. Fast Food Indonesia |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
Other Complementary Tools
| Stocks Directory Find actively traded stocks across global markets | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios |