Correlation Between IDX 30 and Teladan Prima
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By analyzing existing cross correlation between IDX 30 Jakarta and Teladan Prima Agro, you can compare the effects of market volatilities on IDX 30 and Teladan Prima 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 Teladan Prima. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Teladan Prima.
Diversification Opportunities for IDX 30 and Teladan Prima
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between IDX and Teladan is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Teladan Prima Agro in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Teladan Prima Agro 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 Teladan Prima. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Teladan Prima Agro has no effect on the direction of IDX 30 i.e., IDX 30 and Teladan Prima go up and down completely randomly.
Pair Corralation between IDX 30 and Teladan Prima
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to generate 0.75 times more return on investment than Teladan Prima. However, IDX 30 Jakarta is 1.34 times less risky than Teladan Prima. It trades about -0.38 of its potential returns per unit of risk. Teladan Prima Agro is currently generating about -0.38 per unit of risk. If you would invest 48,247 in IDX 30 Jakarta on August 27, 2024 and sell it today you would lose (3,380) from holding IDX 30 Jakarta or give up 7.01% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
IDX 30 Jakarta vs. Teladan Prima Agro
Performance |
| Timeline |
IDX 30 and Teladan Prima Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Teladan Prima Agro
Pair trading matchups for Teladan Prima
Pair Trading with IDX 30 and Teladan Prima
The main advantage of trading using opposite IDX 30 and Teladan Prima positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Teladan Prima 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 Teladan Prima will offset losses from the drop in Teladan Prima's long position.| IDX 30 vs. Lion Metal Works | IDX 30 vs. Indointernet Tbk PT | IDX 30 vs. Enseval Putra Megatrading | IDX 30 vs. Surya Citra Media |
| Teladan Prima vs. Sumber Tani Agung | Teladan Prima vs. Wir Asia Tbk | Teladan Prima vs. Triputra Agro Persada | Teladan Prima vs. Net Visi Media |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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