Correlation Between IDX 30 and Guna Timur
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By analyzing existing cross correlation between IDX 30 Jakarta and Guna Timur Raya, you can compare the effects of market volatilities on IDX 30 and Guna Timur 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 Guna Timur. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Guna Timur.
Diversification Opportunities for IDX 30 and Guna Timur
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between IDX and Guna is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Guna Timur Raya in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guna Timur Raya 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 Guna Timur. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guna Timur Raya has no effect on the direction of IDX 30 i.e., IDX 30 and Guna Timur go up and down completely randomly.
Pair Corralation between IDX 30 and Guna Timur
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to generate 0.34 times more return on investment than Guna Timur. However, IDX 30 Jakarta is 2.97 times less risky than Guna Timur. It trades about -0.6 of its potential returns per unit of risk. Guna Timur Raya is currently generating about -0.36 per unit of risk. If you would invest 49,269 in IDX 30 Jakarta on August 24, 2024 and sell it today you would lose (5,011) from holding IDX 30 Jakarta or give up 10.17% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
IDX 30 Jakarta vs. Guna Timur Raya
Performance |
| Timeline |
IDX 30 and Guna Timur Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Guna Timur Raya
Pair trading matchups for Guna Timur
Pair Trading with IDX 30 and Guna Timur
The main advantage of trading using opposite IDX 30 and Guna Timur positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Guna Timur 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 Guna Timur will offset losses from the drop in Guna Timur's long position.| IDX 30 vs. Surya Citra Media | IDX 30 vs. Envy Technologies Indonesia | IDX 30 vs. Gunawan Dianjaya Steel | IDX 30 vs. Nanotech Indonesia Global |
| Guna Timur vs. Sriwahana | Guna Timur vs. PT Trimuda Nuansa | Guna Timur vs. Yelooo Integra Datanet | Guna Timur vs. Transcoal Pacific 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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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