Correlation Between IDX 30 and Mitra Adiperkasa
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By analyzing existing cross correlation between IDX 30 Jakarta and Mitra Adiperkasa Tbk, you can compare the effects of market volatilities on IDX 30 and Mitra Adiperkasa 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 Mitra Adiperkasa. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Mitra Adiperkasa.
Diversification Opportunities for IDX 30 and Mitra Adiperkasa
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between IDX and Mitra is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Mitra Adiperkasa Tbk in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mitra Adiperkasa 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 Mitra Adiperkasa. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mitra Adiperkasa Tbk has no effect on the direction of IDX 30 i.e., IDX 30 and Mitra Adiperkasa go up and down completely randomly.
Pair Corralation between IDX 30 and Mitra Adiperkasa
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to under-perform the Mitra Adiperkasa. But the index apears to be less risky and, when comparing its historical volatility, IDX 30 Jakarta is 2.82 times less risky than Mitra Adiperkasa. The index trades about -0.03 of its potential returns per unit of risk. The Mitra Adiperkasa Tbk is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 167,537 in Mitra Adiperkasa Tbk on September 1, 2024 and sell it today you would lose (10,037) from holding Mitra Adiperkasa Tbk or give up 5.99% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.61% |
| Values | Daily Returns |
IDX 30 Jakarta vs. Mitra Adiperkasa Tbk
Performance |
| Timeline |
IDX 30 and Mitra Adiperkasa Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Mitra Adiperkasa Tbk
Pair trading matchups for Mitra Adiperkasa
Pair Trading with IDX 30 and Mitra Adiperkasa
The main advantage of trading using opposite IDX 30 and Mitra Adiperkasa positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Mitra Adiperkasa 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 Mitra Adiperkasa will offset losses from the drop in Mitra Adiperkasa's long position.| IDX 30 vs. Indorama Synthetics Tbk | IDX 30 vs. PT Hetzer Medical | IDX 30 vs. Alumindo Light Metal | IDX 30 vs. PT Bank Bisnis |
| Mitra Adiperkasa vs. Japfa Comfeed Indonesia | Mitra Adiperkasa vs. Charoen Pokphand Indonesia | Mitra Adiperkasa vs. Erajaya Swasembada Tbk | Mitra Adiperkasa vs. Indofood Cbp Sukses |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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