Correlation Between IDX 30 and Pembangunan Jaya
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By analyzing existing cross correlation between IDX 30 Jakarta and Pembangunan Jaya Ancol, you can compare the effects of market volatilities on IDX 30 and Pembangunan Jaya 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 Pembangunan Jaya. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Pembangunan Jaya.
Diversification Opportunities for IDX 30 and Pembangunan Jaya
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between IDX and Pembangunan is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Pembangunan Jaya Ancol in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pembangunan Jaya Ancol 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 Pembangunan Jaya. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pembangunan Jaya Ancol has no effect on the direction of IDX 30 i.e., IDX 30 and Pembangunan Jaya go up and down completely randomly.
Pair Corralation between IDX 30 and Pembangunan Jaya
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to under-perform the Pembangunan Jaya. But the index apears to be less risky and, when comparing its historical volatility, IDX 30 Jakarta is 2.36 times less risky than Pembangunan Jaya. The index trades about -0.03 of its potential returns per unit of risk. The Pembangunan Jaya Ancol is currently generating about -0.01 of returns per unit of risk over similar time horizon. If you would invest 69,287 in Pembangunan Jaya Ancol on August 26, 2024 and sell it today you would lose (8,287) from holding Pembangunan Jaya Ancol or give up 11.96% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.74% |
| Values | Daily Returns |
IDX 30 Jakarta vs. Pembangunan Jaya Ancol
Performance |
| Timeline |
IDX 30 and Pembangunan Jaya Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Pembangunan Jaya Ancol
Pair trading matchups for Pembangunan Jaya
Pair Trading with IDX 30 and Pembangunan Jaya
The main advantage of trading using opposite IDX 30 and Pembangunan Jaya positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Pembangunan Jaya 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 Pembangunan Jaya will offset losses from the drop in Pembangunan Jaya's long position.| IDX 30 vs. Lippo General Insurance | IDX 30 vs. Garuda Metalindo Tbk | IDX 30 vs. Indo Acidatama Tbk | IDX 30 vs. Weha Transportasi Indonesia |
| Pembangunan Jaya vs. Lautan Luas Tbk | Pembangunan Jaya vs. Panorama Sentrawisata Tbk | Pembangunan Jaya vs. Multi Indocitra Tbk | Pembangunan Jaya vs. Hotel Sahid Jaya |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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