Correlation Between IDX 30 and Personel Alih
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By analyzing existing cross correlation between IDX 30 Jakarta and Personel Alih Daya, you can compare the effects of market volatilities on IDX 30 and Personel Alih 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 Personel Alih. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Personel Alih.
Diversification Opportunities for IDX 30 and Personel Alih
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between IDX and Personel is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Personel Alih Daya in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Personel Alih Daya 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 Personel Alih. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Personel Alih Daya has no effect on the direction of IDX 30 i.e., IDX 30 and Personel Alih go up and down completely randomly.
Pair Corralation between IDX 30 and Personel Alih
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to generate 0.19 times more return on investment than Personel Alih. However, IDX 30 Jakarta is 5.3 times less risky than Personel Alih. It trades about -0.16 of its potential returns per unit of risk. Personel Alih Daya is currently generating about -0.05 per unit of risk. If you would invest 48,237 in IDX 30 Jakarta on August 30, 2024 and sell it today you would lose (3,046) from holding IDX 30 Jakarta or give up 6.31% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
IDX 30 Jakarta vs. Personel Alih Daya
Performance |
| Timeline |
IDX 30 and Personel Alih Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Personel Alih Daya
Pair trading matchups for Personel Alih
Pair Trading with IDX 30 and Personel Alih
The main advantage of trading using opposite IDX 30 and Personel Alih positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Personel Alih 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 Personel Alih will offset losses from the drop in Personel Alih's long position.| IDX 30 vs. Weha Transportasi Indonesia | IDX 30 vs. PT Boston Furniture | IDX 30 vs. Yelooo Integra Datanet | IDX 30 vs. Surya Citra Media |
| Personel Alih vs. PT Surya Pertiwi | Personel Alih vs. Satria Mega Kencana | Personel Alih vs. Multifiling Mitra Indonesia | Personel Alih vs. Royal Prima PT |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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