Correlation Between IDX 30 and Triputra Agro
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By analyzing existing cross correlation between IDX 30 Jakarta and Triputra Agro Persada, you can compare the effects of market volatilities on IDX 30 and Triputra Agro 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 Triputra Agro. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Triputra Agro.
Diversification Opportunities for IDX 30 and Triputra Agro
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between IDX and Triputra is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Triputra Agro Persada in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Triputra Agro Persada 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 Triputra Agro. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Triputra Agro Persada has no effect on the direction of IDX 30 i.e., IDX 30 and Triputra Agro go up and down completely randomly.
Pair Corralation between IDX 30 and Triputra Agro
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to under-perform the Triputra Agro. But the index apears to be less risky and, when comparing its historical volatility, IDX 30 Jakarta is 2.32 times less risky than Triputra Agro. The index trades about -0.16 of its potential returns per unit of risk. The Triputra Agro Persada is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 74,588 in Triputra Agro Persada on August 29, 2024 and sell it today you would earn a total of 2,412 from holding Triputra Agro Persada or generate 3.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
IDX 30 Jakarta vs. Triputra Agro Persada
Performance |
| Timeline |
IDX 30 and Triputra Agro Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Triputra Agro Persada
Pair trading matchups for Triputra Agro
Pair Trading with IDX 30 and Triputra Agro
The main advantage of trading using opposite IDX 30 and Triputra Agro positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Triputra Agro 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 Triputra Agro will offset losses from the drop in Triputra Agro's long position.| IDX 30 vs. Trinitan Metals and | IDX 30 vs. Lotte Chemical Titan | IDX 30 vs. Metro Healthcare Indonesia | IDX 30 vs. HK Metals Utama |
| Triputra Agro vs. Dharma Satya Nusantara | Triputra Agro vs. Saratoga Investama Sedaya | Triputra Agro vs. Surya Esa Perkasa | Triputra Agro vs. Elang Mahkota Teknologi |
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 Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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