Correlation Between IDX 30 and Surya Toto
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By analyzing existing cross correlation between IDX 30 Jakarta and Surya Toto Indonesia, you can compare the effects of market volatilities on IDX 30 and Surya Toto 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 Surya Toto. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Surya Toto.
Diversification Opportunities for IDX 30 and Surya Toto
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IDX and Surya is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Surya Toto Indonesia in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Surya Toto Indonesia 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 Surya Toto. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Surya Toto Indonesia has no effect on the direction of IDX 30 i.e., IDX 30 and Surya Toto go up and down completely randomly.
Pair Corralation between IDX 30 and Surya Toto
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to under-perform the Surya Toto. But the index apears to be less risky and, when comparing its historical volatility, IDX 30 Jakarta is 1.02 times less risky than Surya Toto. The index trades about -0.04 of its potential returns per unit of risk. The Surya Toto Indonesia is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 20,895 in Surya Toto Indonesia on August 29, 2024 and sell it today you would earn a total of 1,705 from holding Surya Toto Indonesia or generate 8.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 99.49% |
| Values | Daily Returns |
IDX 30 Jakarta vs. Surya Toto Indonesia
Performance |
| Timeline |
IDX 30 and Surya Toto Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Surya Toto Indonesia
Pair trading matchups for Surya Toto
Pair Trading with IDX 30 and Surya Toto
The main advantage of trading using opposite IDX 30 and Surya Toto positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Surya Toto 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 Surya Toto will offset losses from the drop in Surya Toto'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 |
| Surya Toto vs. Unggul Indah Cahaya | Surya Toto vs. Tembaga Mulia Semanan | Surya Toto vs. PT Mulia Industrindo | Surya Toto vs. Trias Sentosa 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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