Correlation Between IDX 30 and Widodo Makmur
Specify exactly 2 symbols:
By analyzing existing cross correlation between IDX 30 Jakarta and Widodo Makmur Unggas, you can compare the effects of market volatilities on IDX 30 and Widodo Makmur 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 Widodo Makmur. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Widodo Makmur.
Diversification Opportunities for IDX 30 and Widodo Makmur
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between IDX and Widodo is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Widodo Makmur Unggas in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Widodo Makmur Unggas 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 Widodo Makmur. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Widodo Makmur Unggas has no effect on the direction of IDX 30 i.e., IDX 30 and Widodo Makmur go up and down completely randomly.
Pair Corralation between IDX 30 and Widodo Makmur
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to under-perform the Widodo Makmur. But the index apears to be less risky and, when comparing its historical volatility, IDX 30 Jakarta is 5.4 times less risky than Widodo Makmur. The index trades about -0.31 of its potential returns per unit of risk. The Widodo Makmur Unggas is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 1,000.00 in Widodo Makmur Unggas on September 1, 2024 and sell it today you would earn a total of 0.00 from holding Widodo Makmur Unggas or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
IDX 30 Jakarta vs. Widodo Makmur Unggas
Performance |
| Timeline |
IDX 30 and Widodo Makmur Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Widodo Makmur Unggas
Pair trading matchups for Widodo Makmur
Pair Trading with IDX 30 and Widodo Makmur
The main advantage of trading using opposite IDX 30 and Widodo Makmur positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Widodo Makmur 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 Widodo Makmur will offset losses from the drop in Widodo Makmur's long position.| IDX 30 vs. Indorama Synthetics Tbk | IDX 30 vs. PT Hetzer Medical | IDX 30 vs. Alumindo Light Metal | IDX 30 vs. PT Bank Bisnis |
| Widodo Makmur vs. Triputra Agro Persada | Widodo Makmur vs. Aneka Gas Industri | Widodo Makmur vs. Saratoga Investama Sedaya | Widodo Makmur vs. Puradelta Lestari PT |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
Other Complementary Tools
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data |