Correlation Between IDX 30 and Roda Vivatex
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By analyzing existing cross correlation between IDX 30 Jakarta and Roda Vivatex Tbk, you can compare the effects of market volatilities on IDX 30 and Roda Vivatex 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 Roda Vivatex. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Roda Vivatex.
Diversification Opportunities for IDX 30 and Roda Vivatex
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between IDX and Roda is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Roda Vivatex Tbk in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Roda Vivatex Tbk 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 Roda Vivatex. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Roda Vivatex Tbk has no effect on the direction of IDX 30 i.e., IDX 30 and Roda Vivatex go up and down completely randomly.
Pair Corralation between IDX 30 and Roda Vivatex
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to under-perform the Roda Vivatex. But the index apears to be less risky and, when comparing its historical volatility, IDX 30 Jakarta is 3.2 times less risky than Roda Vivatex. The index trades about -0.03 of its potential returns per unit of risk. The Roda Vivatex Tbk is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 747,678 in Roda Vivatex Tbk on August 24, 2024 and sell it today you would earn a total of 752,322 from holding Roda Vivatex Tbk or generate 100.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.79% |
| Values | Daily Returns |
IDX 30 Jakarta vs. Roda Vivatex Tbk
Performance |
| Timeline |
IDX 30 and Roda Vivatex Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Roda Vivatex Tbk
Pair trading matchups for Roda Vivatex
Pair Trading with IDX 30 and Roda Vivatex
The main advantage of trading using opposite IDX 30 and Roda Vivatex positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Roda Vivatex 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 Roda Vivatex will offset losses from the drop in Roda Vivatex's long position.| IDX 30 vs. Surya Citra Media | IDX 30 vs. Envy Technologies Indonesia | IDX 30 vs. Gunawan Dianjaya Steel | IDX 30 vs. Nanotech Indonesia Global |
| Roda Vivatex vs. Supreme Cable Manufacturing | Roda Vivatex vs. Ristia Bintang Mahkotasejati | Roda Vivatex vs. Ricky Putra Globalindo | Roda Vivatex vs. Suryamas Dutamakmur 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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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