Correlation Between IDX 30 and Sanurhasta Mitra
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By analyzing existing cross correlation between IDX 30 Jakarta and Sanurhasta Mitra PT, you can compare the effects of market volatilities on IDX 30 and Sanurhasta Mitra 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 Sanurhasta Mitra. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Sanurhasta Mitra.
Diversification Opportunities for IDX 30 and Sanurhasta Mitra
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between IDX and Sanurhasta is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Sanurhasta Mitra PT in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sanurhasta Mitra 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 Sanurhasta Mitra. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sanurhasta Mitra has no effect on the direction of IDX 30 i.e., IDX 30 and Sanurhasta Mitra go up and down completely randomly.
Pair Corralation between IDX 30 and Sanurhasta Mitra
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to generate 0.23 times more return on investment than Sanurhasta Mitra. However, IDX 30 Jakarta is 4.41 times less risky than Sanurhasta Mitra. It trades about -0.02 of its potential returns per unit of risk. Sanurhasta Mitra PT is currently generating about -0.03 per unit of risk. If you would invest 49,295 in IDX 30 Jakarta on August 29, 2024 and sell it today you would lose (4,104) from holding IDX 30 Jakarta or give up 8.33% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
IDX 30 Jakarta vs. Sanurhasta Mitra PT
Performance |
| Timeline |
IDX 30 and Sanurhasta Mitra Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Sanurhasta Mitra PT
Pair trading matchups for Sanurhasta Mitra
Pair Trading with IDX 30 and Sanurhasta Mitra
The main advantage of trading using opposite IDX 30 and Sanurhasta Mitra positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Sanurhasta Mitra 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 Sanurhasta Mitra will offset losses from the drop in Sanurhasta Mitra's long position.| IDX 30 vs. Ace Hardware Indonesia | IDX 30 vs. Capital Financial Indonesia | IDX 30 vs. PT Data Sinergitama | IDX 30 vs. Steel Pipe Industry |
| Sanurhasta Mitra vs. Indosterling Technomedia Tbk | Sanurhasta Mitra vs. Pacific Strategic Financial | Sanurhasta Mitra vs. HK Metals Utama | Sanurhasta Mitra vs. City Retail Developments |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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