Correlation Between IDX 30 and Mega Perintis
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By analyzing existing cross correlation between IDX 30 Jakarta and Mega Perintis Tbk, you can compare the effects of market volatilities on IDX 30 and Mega Perintis 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 Mega Perintis. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Mega Perintis.
Diversification Opportunities for IDX 30 and Mega Perintis
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between IDX and Mega is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Mega Perintis Tbk in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mega Perintis 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 Mega Perintis. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mega Perintis Tbk has no effect on the direction of IDX 30 i.e., IDX 30 and Mega Perintis go up and down completely randomly.
Pair Corralation between IDX 30 and Mega Perintis
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to under-perform the Mega Perintis. In addition to that, IDX 30 is 4.18 times more volatile than Mega Perintis Tbk. It trades about -0.27 of its total potential returns per unit of risk. Mega Perintis Tbk is currently generating about -0.08 per unit of volatility. If you would invest 111,000 in Mega Perintis Tbk on February 5, 2024 and sell it today you would lose (500.00) from holding Mega Perintis Tbk or give up 0.45% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 93.33% |
Values | Daily Returns |
IDX 30 Jakarta vs. Mega Perintis Tbk
Performance |
Timeline |
IDX 30 and Mega Perintis Volatility Contrast
Predicted Return Density |
Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Mega Perintis Tbk
Pair trading matchups for Mega Perintis
Pair Trading with IDX 30 and Mega Perintis
The main advantage of trading using opposite IDX 30 and Mega Perintis positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Mega Perintis 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 Mega Perintis will offset losses from the drop in Mega Perintis' long position.IDX 30 vs. Indosterling TechnomediaTbk | IDX 30 vs. Communication Cable Systems | IDX 30 vs. Jakarta Int Hotels | IDX 30 vs. Media Nusantara Citra |
Mega Perintis vs. Trisula International Tbk | Mega Perintis vs. Jaya Sukses Makmur | Mega Perintis vs. Trisula Textile Industries | Mega Perintis vs. MAP Aktif Adiperkasa |
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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