Correlation Between IDX 30 and Galva Technologies
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By analyzing existing cross correlation between IDX 30 Jakarta and Galva Technologies Tbk, you can compare the effects of market volatilities on IDX 30 and Galva Technologies 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 Galva Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Galva Technologies.
Diversification Opportunities for IDX 30 and Galva Technologies
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between IDX and Galva is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Galva Technologies Tbk in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Galva Technologies 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 Galva Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Galva Technologies Tbk has no effect on the direction of IDX 30 i.e., IDX 30 and Galva Technologies go up and down completely randomly.
Pair Corralation between IDX 30 and Galva Technologies
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to under-perform the Galva Technologies. In addition to that, IDX 30 is 1.71 times more volatile than Galva Technologies Tbk. It trades about -0.22 of its total potential returns per unit of risk. Galva Technologies Tbk is currently generating about 0.14 per unit of volatility. If you would invest 34,400 in Galva Technologies Tbk on August 28, 2024 and sell it today you would earn a total of 600.00 from holding Galva Technologies Tbk or generate 1.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
IDX 30 Jakarta vs. Galva Technologies Tbk
Performance |
| Timeline |
IDX 30 and Galva Technologies Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Galva Technologies Tbk
Pair trading matchups for Galva Technologies
Pair Trading with IDX 30 and Galva Technologies
The main advantage of trading using opposite IDX 30 and Galva Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Galva Technologies 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 Galva Technologies will offset losses from the drop in Galva Technologies' long position.| IDX 30 vs. Lion Metal Works | IDX 30 vs. Indointernet Tbk PT | IDX 30 vs. Enseval Putra Megatrading | IDX 30 vs. Surya Citra Media |
| Galva Technologies vs. Multipolar Technology Tbk | Galva Technologies vs. Nusantara Voucher Distribution | Galva Technologies vs. Hensel Davest Indonesia | Galva Technologies vs. Anabatic Technologies 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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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