Correlation Between IDX 30 and Singaraja Putra
Specify exactly 2 symbols:
By analyzing existing cross correlation between IDX 30 Jakarta and Singaraja Putra, you can compare the effects of market volatilities on IDX 30 and Singaraja Putra 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 Singaraja Putra. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Singaraja Putra.
Diversification Opportunities for IDX 30 and Singaraja Putra
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between IDX and Singaraja is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Singaraja Putra in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Singaraja Putra 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 Singaraja Putra. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Singaraja Putra has no effect on the direction of IDX 30 i.e., IDX 30 and Singaraja Putra go up and down completely randomly.
Pair Corralation between IDX 30 and Singaraja Putra
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to under-perform the Singaraja Putra. But the index apears to be less risky and, when comparing its historical volatility, IDX 30 Jakarta is 7.05 times less risky than Singaraja Putra. The index trades about -0.03 of its potential returns per unit of risk. The Singaraja Putra is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 89,000 in Singaraja Putra on August 24, 2024 and sell it today you would earn a total of 329,000 from holding Singaraja Putra or generate 369.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
IDX 30 Jakarta vs. Singaraja Putra
Performance |
| Timeline |
IDX 30 and Singaraja Putra Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Singaraja Putra
Pair trading matchups for Singaraja Putra
Pair Trading with IDX 30 and Singaraja Putra
The main advantage of trading using opposite IDX 30 and Singaraja Putra positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Singaraja Putra 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 Singaraja Putra will offset losses from the drop in Singaraja Putra'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 |
| Singaraja Putra vs. Nusantara Almazia | Singaraja Putra vs. Gaya Abadi Sempurna | Singaraja Putra vs. Kencana Energi Lestari | Singaraja Putra vs. Cahayaputra Asa Keramik |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
Other Complementary Tools
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. |