Correlation Between IDX 30 and Intikeramik Alamasri
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By analyzing existing cross correlation between IDX 30 Jakarta and Intikeramik Alamasri Industri, you can compare the effects of market volatilities on IDX 30 and Intikeramik Alamasri 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 Intikeramik Alamasri. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Intikeramik Alamasri.
Diversification Opportunities for IDX 30 and Intikeramik Alamasri
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between IDX and Intikeramik is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Intikeramik Alamasri Industri in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Intikeramik Alamasri 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 Intikeramik Alamasri. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Intikeramik Alamasri has no effect on the direction of IDX 30 i.e., IDX 30 and Intikeramik Alamasri go up and down completely randomly.
Pair Corralation between IDX 30 and Intikeramik Alamasri
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to generate 0.19 times more return on investment than Intikeramik Alamasri. However, IDX 30 Jakarta is 5.32 times less risky than Intikeramik Alamasri. It trades about -0.01 of its potential returns per unit of risk. Intikeramik Alamasri Industri is currently generating about -0.05 per unit of risk. If you would invest 49,281 in IDX 30 Jakarta on August 28, 2024 and sell it today you would lose (3,413) from holding IDX 30 Jakarta or give up 6.93% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.79% |
| Values | Daily Returns |
IDX 30 Jakarta vs. Intikeramik Alamasri Industri
Performance |
| Timeline |
IDX 30 and Intikeramik Alamasri Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Intikeramik Alamasri Industri
Pair trading matchups for Intikeramik Alamasri
Pair Trading with IDX 30 and Intikeramik Alamasri
The main advantage of trading using opposite IDX 30 and Intikeramik Alamasri positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Intikeramik Alamasri 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 Intikeramik Alamasri will offset losses from the drop in Intikeramik Alamasri's 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 |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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