Correlation Between IDX 30 and Unggul Indah
Specify exactly 2 symbols:
By analyzing existing cross correlation between IDX 30 Jakarta and Unggul Indah Cahaya, you can compare the effects of market volatilities on IDX 30 and Unggul Indah 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 Unggul Indah. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Unggul Indah.
Diversification Opportunities for IDX 30 and Unggul Indah
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between IDX and Unggul is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Unggul Indah Cahaya in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Unggul Indah Cahaya 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 Unggul Indah. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Unggul Indah Cahaya has no effect on the direction of IDX 30 i.e., IDX 30 and Unggul Indah go up and down completely randomly.
Pair Corralation between IDX 30 and Unggul Indah
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to generate 0.69 times more return on investment than Unggul Indah. However, IDX 30 Jakarta is 1.46 times less risky than Unggul Indah. It trades about -0.03 of its potential returns per unit of risk. Unggul Indah Cahaya is currently generating about -0.02 per unit of risk. If you would invest 51,208 in IDX 30 Jakarta on August 25, 2024 and sell it today you would lose (6,341) from holding IDX 30 Jakarta or give up 12.38% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.79% |
| Values | Daily Returns |
IDX 30 Jakarta vs. Unggul Indah Cahaya
Performance |
| Timeline |
IDX 30 and Unggul Indah Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Unggul Indah Cahaya
Pair trading matchups for Unggul Indah
Pair Trading with IDX 30 and Unggul Indah
The main advantage of trading using opposite IDX 30 and Unggul Indah positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Unggul Indah 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 Unggul Indah will offset losses from the drop in Unggul Indah's long position.| IDX 30 vs. Lippo General Insurance | IDX 30 vs. Garuda Metalindo Tbk | IDX 30 vs. Indo Acidatama Tbk | IDX 30 vs. Weha Transportasi Indonesia |
| Unggul Indah vs. Trias Sentosa Tbk | Unggul Indah vs. Suparma Tbk | Unggul Indah vs. Tembaga Mulia Semanan | Unggul Indah vs. Surya Toto Indonesia |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
Other Complementary Tools
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance |