Correlation Between IDX 30 and PT Surya
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By analyzing existing cross correlation between IDX 30 Jakarta and PT Surya Pertiwi, you can compare the effects of market volatilities on IDX 30 and PT Surya 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 PT Surya. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and PT Surya.
Diversification Opportunities for IDX 30 and PT Surya
Pay attention - limited upside
The 3 months correlation between IDX and SPTO is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and PT Surya Pertiwi in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PT Surya Pertiwi 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 PT Surya. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PT Surya Pertiwi has no effect on the direction of IDX 30 i.e., IDX 30 and PT Surya go up and down completely randomly.
Pair Corralation between IDX 30 and PT Surya
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to under-perform the PT Surya. But the index apears to be less risky and, when comparing its historical volatility, IDX 30 Jakarta is 1.31 times less risky than PT Surya. The index trades about -0.03 of its potential returns per unit of risk. The PT Surya Pertiwi is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 45,376 in PT Surya Pertiwi on August 24, 2024 and sell it today you would earn a total of 17,124 from holding PT Surya Pertiwi or generate 37.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
IDX 30 Jakarta vs. PT Surya Pertiwi
Performance |
| Timeline |
IDX 30 and PT Surya Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
PT Surya Pertiwi
Pair trading matchups for PT Surya
Pair Trading with IDX 30 and PT Surya
The main advantage of trading using opposite IDX 30 and PT Surya positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, PT Surya 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 PT Surya will offset losses from the drop in PT Surya'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 |
| PT Surya vs. Samudera Indonesia Tbk | PT Surya vs. Steady Safe TBK | PT Surya vs. Rukun Raharja Tbk | PT Surya vs. PT Temas 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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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