Correlation Between IDX 30 and Jasnita Telekomindo
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By analyzing existing cross correlation between IDX 30 Jakarta and Jasnita Telekomindo Tbk, you can compare the effects of market volatilities on IDX 30 and Jasnita Telekomindo 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 Jasnita Telekomindo. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Jasnita Telekomindo.
Diversification Opportunities for IDX 30 and Jasnita Telekomindo
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between IDX and Jasnita is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Jasnita Telekomindo Tbk in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jasnita Telekomindo 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 Jasnita Telekomindo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jasnita Telekomindo Tbk has no effect on the direction of IDX 30 i.e., IDX 30 and Jasnita Telekomindo go up and down completely randomly.
Pair Corralation between IDX 30 and Jasnita Telekomindo
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to under-perform the Jasnita Telekomindo. But the index apears to be less risky and, when comparing its historical volatility, IDX 30 Jakarta is 1.83 times less risky than Jasnita Telekomindo. The index trades about -0.16 of its potential returns per unit of risk. The Jasnita Telekomindo Tbk is currently generating about -0.02 of returns per unit of risk over similar time horizon. If you would invest 5,600 in Jasnita Telekomindo Tbk on August 30, 2024 and sell it today you would lose (100.00) from holding Jasnita Telekomindo Tbk or give up 1.79% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
IDX 30 Jakarta vs. Jasnita Telekomindo Tbk
Performance |
| Timeline |
IDX 30 and Jasnita Telekomindo Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Jasnita Telekomindo Tbk
Pair trading matchups for Jasnita Telekomindo
Pair Trading with IDX 30 and Jasnita Telekomindo
The main advantage of trading using opposite IDX 30 and Jasnita Telekomindo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Jasnita Telekomindo 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 Jasnita Telekomindo will offset losses from the drop in Jasnita Telekomindo's long position.| IDX 30 vs. Weha Transportasi Indonesia | IDX 30 vs. PT Boston Furniture | IDX 30 vs. Yelooo Integra Datanet | IDX 30 vs. Surya Citra Media |
| Jasnita Telekomindo vs. Borneo Olah Sarana | Jasnita Telekomindo vs. MNC Vision Networks | Jasnita Telekomindo vs. Alfa Energi Investama | Jasnita Telekomindo vs. Terregra Asia Energy |
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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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