Correlation Between IDX 30 and Pioneerindo Gourmet
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By analyzing existing cross correlation between IDX 30 Jakarta and Pioneerindo Gourmet International, you can compare the effects of market volatilities on IDX 30 and Pioneerindo Gourmet 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 Pioneerindo Gourmet. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Pioneerindo Gourmet.
Diversification Opportunities for IDX 30 and Pioneerindo Gourmet
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between IDX and Pioneerindo is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Pioneerindo Gourmet Internatio in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pioneerindo Gourmet 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 Pioneerindo Gourmet. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pioneerindo Gourmet has no effect on the direction of IDX 30 i.e., IDX 30 and Pioneerindo Gourmet go up and down completely randomly.
Pair Corralation between IDX 30 and Pioneerindo Gourmet
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to generate 0.35 times more return on investment than Pioneerindo Gourmet. However, IDX 30 Jakarta is 2.82 times less risky than Pioneerindo Gourmet. It trades about -0.16 of its potential returns per unit of risk. Pioneerindo Gourmet International is currently generating about -0.14 per unit of risk. If you would invest 48,237 in IDX 30 Jakarta on August 29, 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. Pioneerindo Gourmet Internatio
Performance |
| Timeline |
IDX 30 and Pioneerindo Gourmet Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Pioneerindo Gourmet International
Pair trading matchups for Pioneerindo Gourmet
Pair Trading with IDX 30 and Pioneerindo Gourmet
The main advantage of trading using opposite IDX 30 and Pioneerindo Gourmet positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Pioneerindo Gourmet 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 Pioneerindo Gourmet will offset losses from the drop in Pioneerindo Gourmet's long position.| IDX 30 vs. Trinitan Metals and | IDX 30 vs. Lotte Chemical Titan | IDX 30 vs. Metro Healthcare Indonesia | IDX 30 vs. HK Metals Utama |
| Pioneerindo Gourmet vs. Pudjiadi Sons Tbk | Pioneerindo Gourmet vs. Hotel Sahid Jaya | Pioneerindo Gourmet vs. Sona Topas Tourism | Pioneerindo Gourmet vs. Panorama Sentrawisata 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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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