Correlation Between IDX 30 and Indonesia Prima
Specify exactly 2 symbols:
By analyzing existing cross correlation between IDX 30 Jakarta and Indonesia Prima Property, you can compare the effects of market volatilities on IDX 30 and Indonesia Prima 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 Indonesia Prima. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Indonesia Prima.
Diversification Opportunities for IDX 30 and Indonesia Prima
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between IDX and Indonesia is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Indonesia Prima Property in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Indonesia Prima Property 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 Indonesia Prima. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Indonesia Prima Property has no effect on the direction of IDX 30 i.e., IDX 30 and Indonesia Prima go up and down completely randomly.
Pair Corralation between IDX 30 and Indonesia Prima
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to under-perform the Indonesia Prima. But the index apears to be less risky and, when comparing its historical volatility, IDX 30 Jakarta is 5.0 times less risky than Indonesia Prima. The index trades about -0.02 of its potential returns per unit of risk. The Indonesia Prima Property is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 53,500 in Indonesia Prima Property on August 31, 2024 and sell it today you would lose (12,300) from holding Indonesia Prima Property or give up 22.99% 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. Indonesia Prima Property
Performance |
| Timeline |
IDX 30 and Indonesia Prima Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Indonesia Prima Property
Pair trading matchups for Indonesia Prima
Pair Trading with IDX 30 and Indonesia Prima
The main advantage of trading using opposite IDX 30 and Indonesia Prima positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Indonesia Prima 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 Indonesia Prima will offset losses from the drop in Indonesia Prima's long position.| IDX 30 vs. Victoria Insurance Tbk | IDX 30 vs. Indo Acidatama Tbk | IDX 30 vs. PT Data Sinergitama | IDX 30 vs. Garudafood Putra Putri |
| Indonesia Prima vs. Pikko Land Development | Indonesia Prima vs. Suryamas Dutamakmur Tbk | Indonesia Prima vs. Ristia Bintang Mahkotasejati | Indonesia Prima vs. Pudjiadi Prestige Tbk |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
Other Complementary Tools
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets |