Correlation Between IDX 30 and PT Winner
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By analyzing existing cross correlation between IDX 30 Jakarta and PT Winner Nusantara, you can compare the effects of market volatilities on IDX 30 and PT Winner 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 Winner. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and PT Winner.
Diversification Opportunities for IDX 30 and PT Winner
Very weak diversification
The 3 months correlation between IDX and WINR is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and PT Winner Nusantara in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PT Winner Nusantara 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 Winner. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PT Winner Nusantara has no effect on the direction of IDX 30 i.e., IDX 30 and PT Winner go up and down completely randomly.
Pair Corralation between IDX 30 and PT Winner
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to generate 0.21 times more return on investment than PT Winner. However, IDX 30 Jakarta is 4.66 times less risky than PT Winner. It trades about -0.05 of its potential returns per unit of risk. PT Winner Nusantara is currently generating about -0.07 per unit of risk. If you would invest 49,780 in IDX 30 Jakarta on September 3, 2024 and sell it today you would lose (6,641) from holding IDX 30 Jakarta or give up 13.34% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.66% |
| Values | Daily Returns |
IDX 30 Jakarta vs. PT Winner Nusantara
Performance |
| Timeline |
IDX 30 and PT Winner Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
PT Winner Nusantara
Pair trading matchups for PT Winner
Pair Trading with IDX 30 and PT Winner
The main advantage of trading using opposite IDX 30 and PT Winner positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, PT Winner 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 Winner will offset losses from the drop in PT Winner's long position.| IDX 30 vs. Smartfren Telecom Tbk | IDX 30 vs. Hoffmen Cleanindo | IDX 30 vs. Hero Supermarket Tbk | IDX 30 vs. PT Bank Bisnis |
| PT Winner vs. Garuda Metalindo Tbk | PT Winner vs. Weha Transportasi Indonesia | PT Winner vs. HK Metals Utama | PT Winner vs. Kedawung Setia Industrial |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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