Correlation Between IDX 30 and PT Hatten
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By analyzing existing cross correlation between IDX 30 Jakarta and PT Hatten Bali, you can compare the effects of market volatilities on IDX 30 and PT Hatten 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 PT Hatten. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and PT Hatten.
Diversification Opportunities for IDX 30 and PT Hatten
Poor diversification
The 3 months correlation between IDX and WINE is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and PT Hatten Bali in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PT Hatten Bali 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 PT Hatten. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PT Hatten Bali has no effect on the direction of IDX 30 i.e., IDX 30 and PT Hatten go up and down completely randomly.
Pair Corralation between IDX 30 and PT Hatten
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to under-perform the PT Hatten. But the index apears to be less risky and, when comparing its historical volatility, IDX 30 Jakarta is 4.33 times less risky than PT Hatten. The index trades about -0.26 of its potential returns per unit of risk. The PT Hatten Bali is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 26,200 in PT Hatten Bali on November 28, 2024 and sell it today you would lose (1,000.00) from holding PT Hatten Bali or give up 3.82% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.0% |
| Values | Daily Returns |
IDX 30 Jakarta vs. PT Hatten Bali
Performance |
| Timeline |
IDX 30 and PT Hatten Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
PT Hatten Bali
Pair trading matchups for PT Hatten
Pair Trading with IDX 30 and PT Hatten
The main advantage of trading using opposite IDX 30 and PT Hatten positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, PT Hatten 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 PT Hatten will offset losses from the drop in PT Hatten's long position.| IDX 30 vs. Ciptadana Asset Management | IDX 30 vs. Victoria Insurance Tbk | IDX 30 vs. Tridomain Performance Materials | IDX 30 vs. Weha Transportasi Indonesia |
| PT Hatten vs. PT Jobubu Jarum | PT Hatten vs. PT Dewi Shri | PT Hatten vs. PT Data Sinergitama | PT Hatten vs. PAM Mineral 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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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