Correlation Between IDX 30 and Satria Mega
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By analyzing existing cross correlation between IDX 30 Jakarta and Satria Mega Kencana, you can compare the effects of market volatilities on IDX 30 and Satria Mega 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 Satria Mega. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Satria Mega.
Diversification Opportunities for IDX 30 and Satria Mega
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between IDX and Satria is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Satria Mega Kencana in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Satria Mega Kencana 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 Satria Mega. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Satria Mega Kencana has no effect on the direction of IDX 30 i.e., IDX 30 and Satria Mega go up and down completely randomly.
Pair Corralation between IDX 30 and Satria Mega
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to under-perform the Satria Mega. But the index apears to be less risky and, when comparing its historical volatility, IDX 30 Jakarta is 8.32 times less risky than Satria Mega. The index trades about -0.02 of its potential returns per unit of risk. The Satria Mega Kencana is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 33,400 in Satria Mega Kencana on August 27, 2024 and sell it today you would earn a total of 400.00 from holding Satria Mega Kencana or generate 1.2% 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. Satria Mega Kencana
Performance |
| Timeline |
IDX 30 and Satria Mega Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Satria Mega Kencana
Pair trading matchups for Satria Mega
Pair Trading with IDX 30 and Satria Mega
The main advantage of trading using opposite IDX 30 and Satria Mega positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Satria Mega 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 Satria Mega will offset losses from the drop in Satria Mega's long position.| IDX 30 vs. Lippo General Insurance | IDX 30 vs. Kedawung Setia Industrial | IDX 30 vs. Indosterling Technomedia Tbk | IDX 30 vs. Fast Food Indonesia |
| Satria Mega vs. Shield On Service | Satria Mega vs. MNC Studios International | Satria Mega vs. Royal Prima PT | Satria Mega vs. Sanurhasta Mitra PT |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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