Correlation Between IDX 30 and Pool Advista
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By analyzing existing cross correlation between IDX 30 Jakarta and Pool Advista Finance, you can compare the effects of market volatilities on IDX 30 and Pool Advista 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 Pool Advista. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Pool Advista.
Diversification Opportunities for IDX 30 and Pool Advista
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between IDX and Pool is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Pool Advista Finance in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pool Advista Finance 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 Pool Advista. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pool Advista Finance has no effect on the direction of IDX 30 i.e., IDX 30 and Pool Advista go up and down completely randomly.
Pair Corralation between IDX 30 and Pool Advista
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to under-perform the Pool Advista. But the index apears to be less risky and, when comparing its historical volatility, IDX 30 Jakarta is 5.22 times less risky than Pool Advista. The index trades about -0.16 of its potential returns per unit of risk. The Pool Advista Finance is currently generating about -0.03 of returns per unit of risk over similar time horizon. If you would invest 1,300 in Pool Advista Finance on September 2, 2024 and sell it today you would lose (200.00) from holding Pool Advista Finance or give up 15.38% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
IDX 30 Jakarta vs. Pool Advista Finance
Performance |
| Timeline |
IDX 30 and Pool Advista Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Pool Advista Finance
Pair trading matchups for Pool Advista
Pair Trading with IDX 30 and Pool Advista
The main advantage of trading using opposite IDX 30 and Pool Advista positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Pool Advista 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 Pool Advista will offset losses from the drop in Pool Advista'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 |
| Pool Advista vs. Malacca Trust Wuwungan | Pool Advista vs. Sidomulyo Selaras Tbk | Pool Advista vs. Pratama Abadi Nusa | Pool Advista vs. Prima Cakrawala Abadi |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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