Correlation Between IDX 30 and Mayora Indah
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By analyzing existing cross correlation between IDX 30 Jakarta and Mayora Indah Tbk, you can compare the effects of market volatilities on IDX 30 and Mayora Indah 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 Mayora Indah. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Mayora Indah.
Diversification Opportunities for IDX 30 and Mayora Indah
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between IDX and Mayora is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Mayora Indah Tbk in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mayora Indah 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 Mayora Indah. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mayora Indah Tbk has no effect on the direction of IDX 30 i.e., IDX 30 and Mayora Indah go up and down completely randomly.
Pair Corralation between IDX 30 and Mayora Indah
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to under-perform the Mayora Indah. But the index apears to be less risky and, when comparing its historical volatility, IDX 30 Jakarta is 1.29 times less risky than Mayora Indah. The index trades about -0.3 of its potential returns per unit of risk. The Mayora Indah Tbk is currently generating about 0.29 of returns per unit of risk over similar time horizon. If you would invest 248,000 in Mayora Indah Tbk on September 3, 2024 and sell it today you would earn a total of 22,000 from holding Mayora Indah Tbk or generate 8.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
IDX 30 Jakarta vs. Mayora Indah Tbk
Performance |
| Timeline |
IDX 30 and Mayora Indah Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Mayora Indah Tbk
Pair trading matchups for Mayora Indah
Pair Trading with IDX 30 and Mayora Indah
The main advantage of trading using opposite IDX 30 and Mayora Indah positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Mayora Indah 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 Mayora Indah will offset losses from the drop in Mayora Indah's long position.| IDX 30 vs. Smartfren Telecom Tbk | IDX 30 vs. Hoffmen Cleanindo | IDX 30 vs. Hero Supermarket Tbk | IDX 30 vs. PT Bank Bisnis |
| Mayora Indah vs. Indofood Cbp Sukses | Mayora Indah vs. Kalbe Farma Tbk | Mayora Indah vs. Unilever Indonesia Tbk | Mayora Indah vs. Ultra Jaya Milk |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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