Correlation Between IDX 30 and Tirta Mahakam
Specify exactly 2 symbols:
By analyzing existing cross correlation between IDX 30 Jakarta and Tirta Mahakam Resources, you can compare the effects of market volatilities on IDX 30 and Tirta Mahakam 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 Tirta Mahakam. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Tirta Mahakam.
Diversification Opportunities for IDX 30 and Tirta Mahakam
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between IDX and Tirta is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Tirta Mahakam Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tirta Mahakam Resources 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 Tirta Mahakam. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tirta Mahakam Resources has no effect on the direction of IDX 30 i.e., IDX 30 and Tirta Mahakam go up and down completely randomly.
Pair Corralation between IDX 30 and Tirta Mahakam
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to generate 0.14 times more return on investment than Tirta Mahakam. However, IDX 30 Jakarta is 7.36 times less risky than Tirta Mahakam. It trades about -0.16 of its potential returns per unit of risk. Tirta Mahakam Resources is currently generating about -0.22 per unit of risk. If you would invest 48,261 in IDX 30 Jakarta on September 2, 2024 and sell it today you would lose (4,388) from holding IDX 30 Jakarta or give up 9.09% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
IDX 30 Jakarta vs. Tirta Mahakam Resources
Performance |
| Timeline |
IDX 30 and Tirta Mahakam Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Tirta Mahakam Resources
Pair trading matchups for Tirta Mahakam
Pair Trading with IDX 30 and Tirta Mahakam
The main advantage of trading using opposite IDX 30 and Tirta Mahakam positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Tirta Mahakam 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 Tirta Mahakam will offset losses from the drop in Tirta Mahakam's long position.| IDX 30 vs. Ace Hardware Indonesia | IDX 30 vs. Alumindo Light Metal | IDX 30 vs. Metro Healthcare Indonesia | IDX 30 vs. PT Jobubu Jarum |
| Tirta Mahakam vs. Slj Global Tbk | Tirta Mahakam vs. Indo Acidatama Tbk | Tirta Mahakam vs. Trias Sentosa Tbk | Tirta Mahakam vs. Suparma 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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing |