Correlation Between IDX 30 and Armada Berjaya
Specify exactly 2 symbols:
By analyzing existing cross correlation between IDX 30 Jakarta and Armada Berjaya Trans, you can compare the effects of market volatilities on IDX 30 and Armada Berjaya 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 Armada Berjaya. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Armada Berjaya.
Diversification Opportunities for IDX 30 and Armada Berjaya
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between IDX and Armada is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Armada Berjaya Trans in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Armada Berjaya Trans 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 Armada Berjaya. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Armada Berjaya Trans has no effect on the direction of IDX 30 i.e., IDX 30 and Armada Berjaya go up and down completely randomly.
Pair Corralation between IDX 30 and Armada Berjaya
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to generate 0.38 times more return on investment than Armada Berjaya. However, IDX 30 Jakarta is 2.64 times less risky than Armada Berjaya. It trades about -0.08 of its potential returns per unit of risk. Armada Berjaya Trans is currently generating about -0.09 per unit of risk. If you would invest 48,050 in IDX 30 Jakarta on August 28, 2024 and sell it today you would lose (2,182) from holding IDX 30 Jakarta or give up 4.54% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
IDX 30 Jakarta vs. Armada Berjaya Trans
Performance |
| Timeline |
IDX 30 and Armada Berjaya Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Armada Berjaya Trans
Pair trading matchups for Armada Berjaya
Pair Trading with IDX 30 and Armada Berjaya
The main advantage of trading using opposite IDX 30 and Armada Berjaya positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Armada Berjaya 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 Armada Berjaya will offset losses from the drop in Armada Berjaya'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 |
| Armada Berjaya vs. Guna Timur Raya | Armada Berjaya vs. Sinergi Inti Plastindo | Armada Berjaya vs. Hartadinata Abadi Tbk | Armada Berjaya vs. Weha Transportasi 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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
Other Complementary Tools
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges |