Correlation Between IDX 30 and Multi Spunindo
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By analyzing existing cross correlation between IDX 30 Jakarta and Multi Spunindo Jaya, you can compare the effects of market volatilities on IDX 30 and Multi Spunindo 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 Multi Spunindo. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Multi Spunindo.
Diversification Opportunities for IDX 30 and Multi Spunindo
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between IDX and Multi is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Multi Spunindo Jaya in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Multi Spunindo Jaya 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 Multi Spunindo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Multi Spunindo Jaya has no effect on the direction of IDX 30 i.e., IDX 30 and Multi Spunindo go up and down completely randomly.
Pair Corralation between IDX 30 and Multi Spunindo
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to generate 0.23 times more return on investment than Multi Spunindo. However, IDX 30 Jakarta is 4.34 times less risky than Multi Spunindo. It trades about -0.28 of its potential returns per unit of risk. Multi Spunindo Jaya is currently generating about -0.07 per unit of risk. If you would invest 46,945 in IDX 30 Jakarta on September 2, 2024 and sell it today you would lose (3,072) from holding IDX 30 Jakarta or give up 6.54% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
IDX 30 Jakarta vs. Multi Spunindo Jaya
Performance |
| Timeline |
IDX 30 and Multi Spunindo Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Multi Spunindo Jaya
Pair trading matchups for Multi Spunindo
Pair Trading with IDX 30 and Multi Spunindo
The main advantage of trading using opposite IDX 30 and Multi Spunindo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Multi Spunindo 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 Multi Spunindo will offset losses from the drop in Multi Spunindo's long position.| IDX 30 vs. Ace Hardware Indonesia | IDX 30 vs. Alumindo Light Metal | IDX 30 vs. Metro Healthcare Indonesia | IDX 30 vs. PT Jobubu Jarum |
| Multi Spunindo vs. PT Boston Furniture | Multi Spunindo vs. Bekasi Fajar Industrial | Multi Spunindo vs. Enseval Putra Megatrading | Multi Spunindo vs. PT UBC Medical |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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