Correlation Between IDX 30 and Voksel Electric
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By analyzing existing cross correlation between IDX 30 Jakarta and Voksel Electric Tbk, you can compare the effects of market volatilities on IDX 30 and Voksel Electric 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 Voksel Electric. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Voksel Electric.
Diversification Opportunities for IDX 30 and Voksel Electric
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between IDX and Voksel is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Voksel Electric Tbk in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Voksel Electric Tbk 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 Voksel Electric. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Voksel Electric Tbk has no effect on the direction of IDX 30 i.e., IDX 30 and Voksel Electric go up and down completely randomly.
Pair Corralation between IDX 30 and Voksel Electric
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to under-perform the Voksel Electric. But the index apears to be less risky and, when comparing its historical volatility, IDX 30 Jakarta is 4.74 times less risky than Voksel Electric. The index trades about -0.05 of its potential returns per unit of risk. The Voksel Electric Tbk is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 19,000 in Voksel Electric Tbk on November 29, 2024 and sell it today you would earn a total of 2,400 from holding Voksel Electric Tbk or generate 12.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.79% |
| Values | Daily Returns |
IDX 30 Jakarta vs. Voksel Electric Tbk
Performance |
| Timeline |
IDX 30 and Voksel Electric Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Voksel Electric Tbk
Pair trading matchups for Voksel Electric
Pair Trading with IDX 30 and Voksel Electric
The main advantage of trading using opposite IDX 30 and Voksel Electric positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Voksel Electric 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 Voksel Electric will offset losses from the drop in Voksel Electric's long position.| IDX 30 vs. Smartfren Telecom Tbk | IDX 30 vs. Surya Citra Media | IDX 30 vs. Ciptadana Asset Management | IDX 30 vs. Kedawung Setia Industrial |
| Voksel Electric vs. Supreme Cable Manufacturing | Voksel Electric vs. Kabelindo Murni Tbk | Voksel Electric vs. Tifico Fiber Indonesia | Voksel Electric 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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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