Correlation Between IDX 30 and Super Energy
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By analyzing existing cross correlation between IDX 30 Jakarta and Super Energy Tbk, you can compare the effects of market volatilities on IDX 30 and Super Energy 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 Super Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Super Energy.
Diversification Opportunities for IDX 30 and Super Energy
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between IDX and Super is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Super Energy Tbk in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Super Energy 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 Super Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Super Energy Tbk has no effect on the direction of IDX 30 i.e., IDX 30 and Super Energy go up and down completely randomly.
Pair Corralation between IDX 30 and Super Energy
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to under-perform the Super Energy. But the index apears to be less risky and, when comparing its historical volatility, IDX 30 Jakarta is 3.96 times less risky than Super Energy. The index trades about -0.26 of its potential returns per unit of risk. The Super Energy Tbk is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 234,000 in Super Energy Tbk on August 31, 2024 and sell it today you would lose (3,000) from holding Super Energy Tbk or give up 1.28% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
IDX 30 Jakarta vs. Super Energy Tbk
Performance |
| Timeline |
IDX 30 and Super Energy Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Super Energy Tbk
Pair trading matchups for Super Energy
Pair Trading with IDX 30 and Super Energy
The main advantage of trading using opposite IDX 30 and Super Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Super Energy 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 Super Energy will offset losses from the drop in Super Energy'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 |
| Super Energy vs. Transcoal Pacific Tbk | Super Energy vs. Sillo Maritime Perdana | Super Energy vs. Pollux Properti Indonesia | Super Energy vs. Mahkota Group 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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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