Correlation Between IDX 30 and Hotel Sahid
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By analyzing existing cross correlation between IDX 30 Jakarta and Hotel Sahid Jaya, you can compare the effects of market volatilities on IDX 30 and Hotel Sahid 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 Hotel Sahid. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Hotel Sahid.
Diversification Opportunities for IDX 30 and Hotel Sahid
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between IDX and Hotel is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Hotel Sahid Jaya in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hotel Sahid Jaya 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 Hotel Sahid. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hotel Sahid Jaya has no effect on the direction of IDX 30 i.e., IDX 30 and Hotel Sahid go up and down completely randomly.
Pair Corralation between IDX 30 and Hotel Sahid
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to generate 0.36 times more return on investment than Hotel Sahid. However, IDX 30 Jakarta is 2.74 times less risky than Hotel Sahid. It trades about -0.26 of its potential returns per unit of risk. Hotel Sahid Jaya is currently generating about -0.16 per unit of risk. If you would invest 47,624 in IDX 30 Jakarta on August 31, 2024 and sell it today you would lose (2,849) from holding IDX 30 Jakarta or give up 5.98% 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. Hotel Sahid Jaya
Performance |
| Timeline |
IDX 30 and Hotel Sahid Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Hotel Sahid Jaya
Pair trading matchups for Hotel Sahid
Pair Trading with IDX 30 and Hotel Sahid
The main advantage of trading using opposite IDX 30 and Hotel Sahid positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Hotel Sahid 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 Hotel Sahid will offset losses from the drop in Hotel Sahid's long position.| IDX 30 vs. Victoria Insurance Tbk | IDX 30 vs. Indo Acidatama Tbk | IDX 30 vs. PT Data Sinergitama | IDX 30 vs. Garudafood Putra Putri |
| Hotel Sahid vs. Japfa Comfeed Indonesia | Hotel Sahid vs. Charoen Pokphand Indonesia | Hotel Sahid vs. Erajaya Swasembada Tbk | Hotel Sahid vs. Indofood Cbp Sukses |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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