Correlation Between Nanotech Indonesia and IDX 30
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By analyzing existing cross correlation between Nanotech Indonesia Global and IDX 30 Jakarta, you can compare the effects of market volatilities on Nanotech Indonesia and IDX 30 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 Nanotech Indonesia with a short position of IDX 30. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nanotech Indonesia and IDX 30.
Diversification Opportunities for Nanotech Indonesia and IDX 30
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between Nanotech and IDX is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding Nanotech Indonesia Global and IDX 30 Jakarta in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IDX 30 Jakarta and Nanotech Indonesia 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 Nanotech Indonesia Global are associated (or correlated) with IDX 30. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of IDX 30 Jakarta has no effect on the direction of Nanotech Indonesia i.e., Nanotech Indonesia and IDX 30 go up and down completely randomly.
Pair Corralation between Nanotech Indonesia and IDX 30
Assuming the 90 days trading horizon Nanotech Indonesia Global is expected to generate 3.48 times more return on investment than IDX 30. However, Nanotech Indonesia is 3.48 times more volatile than IDX 30 Jakarta. It trades about 0.28 of its potential returns per unit of risk. IDX 30 Jakarta is currently generating about -0.22 per unit of risk. If you would invest 1,800 in Nanotech Indonesia Global on August 28, 2024 and sell it today you would earn a total of 400.00 from holding Nanotech Indonesia Global or generate 22.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nanotech Indonesia Global vs. IDX 30 Jakarta
Performance |
| Timeline |
Nanotech Indonesia and IDX 30 Volatility Contrast
Predicted Return Density |
| Returns |
Nanotech Indonesia Global
Pair trading matchups for Nanotech Indonesia
IDX 30 Jakarta
Pair trading matchups for IDX 30
Pair Trading with Nanotech Indonesia and IDX 30
The main advantage of trading using opposite Nanotech Indonesia and IDX 30 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nanotech Indonesia position performs unexpectedly, IDX 30 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 IDX 30 will offset losses from the drop in IDX 30's long position.| Nanotech Indonesia vs. Sumber Tani Agung | Nanotech Indonesia vs. Dayamitra Telekomunikasi PT | Nanotech Indonesia vs. Wir Asia Tbk | Nanotech Indonesia vs. Semacom Integrated Tbk |
| IDX 30 vs. Lion Metal Works | IDX 30 vs. Indointernet Tbk PT | IDX 30 vs. Enseval Putra Megatrading | IDX 30 vs. Surya Citra Media |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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