Gudang Garam Correlations

GGRM Stock

IDR 13,000 250.00 1.89%

The current 90-days correlation between Gudang Garam Tbk and Indofood Cbp Sukses is 0.14 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Gudang Garam moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Gudang Garam Tbk moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Gudang Garam Correlation With Market

Average diversification

The correlation between Gudang Garam Tbk and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Gudang Garam Tbk and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Gudang Garam could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Gudang Garam when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Gudang Garam - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Gudang Garam Tbk to buy it.

Moving together with Gudang Stock

0.88	BBRI	Bank Rakyat Indonesia	Pair Corr
0.9	BMRI	Bank Mandiri Persero	Pair Corr
0.89	TPIA	Chandra Asri Petroch	Pair Corr
0.81	BBNI	Bank Negara Indonesia	Pair Corr
0.93	UNVR	Unilever Indonesia Tbk	Pair Corr
0.86	HMSP	Hanjaya Mandala Sampoerna	Pair Corr

Moving against Gudang Stock

0.81

BYAN

Bayan Resources Tbk

Pair Corr

Related Correlations Analysis

	ICBP	BRIS	MPMX	JIHD	TECH	ISAT	BBNI	CASA	INOV	KRAS
ICBP		0.69	0.22	-0.07	0.0	-0.43	0.16	0.06	-0.15	0.64	ICBP
BRIS	0.69		0.32	-0.11	0.0	-0.23	0.32	-0.13	-0.34	0.52	BRIS
MPMX	0.22	0.32		-0.86	0.0	0.5	0.89	-0.39	-0.59	0.42	MPMX
JIHD	-0.07	-0.11	-0.86		0.0	-0.54	-0.76	0.48	0.59	-0.37	JIHD
TECH	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	TECH
ISAT	-0.43	-0.23	0.5	-0.54	0.0		0.55	-0.46	-0.43	-0.38	ISAT
BBNI	0.16	0.32	0.89	-0.76	0.0	0.55		-0.28	-0.52	0.33	BBNI
CASA	0.06	-0.13	-0.39	0.48	0.0	-0.46	-0.28		0.71	-0.11	CASA
INOV	-0.15	-0.34	-0.59	0.59	0.0	-0.43	-0.52	0.71		-0.32	INOV
KRAS	0.64	0.52	0.42	-0.37	0.0	-0.38	0.33	-0.11	-0.32		KRAS
	ICBP	BRIS	MPMX	JIHD	TECH	ISAT	BBNI	CASA	INOV	KRAS

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

BBNI	+ 0.89	MPMX
INOV	+ 0.71	CASA
BRIS	+ 0.69	ICBP
KRAS	+ 0.64	ICBP
INOV	+ 0.59	JIHD
BBNI	+ 0.55	ISAT

High negative correlations

JIHD	- 0.86	MPMX
BBNI	- 0.76	JIHD
INOV	- 0.59	MPMX
ISAT	- 0.54	JIHD
INOV	- 0.52	BBNI
CASA	- 0.46	ISAT

Risk-Adjusted Indicators

There is a big difference between Gudang Stock performing well and Gudang Garam Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Gudang Garam's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
ICBP	1.16	0.10	(0.03)	(0.22)	1.34	(1.35)	2.50	(2.34)	6.18
BRIS	1.67	0.12	0.00	(0.83)	1.49	(2.51)	4.73	(2.60)	12.51
MPMX	0.42	(0.07)	0.00	(0.46)	0.00	0.00	0.51	(0.98)	2.48
JIHD	5.84	3.29	0.79	5.38	2.01	(8.41)	24.74	(5.03)	34.81
TECH	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ISAT	3.37	(1.39)	0.00	(1.66)	0.00	0.00	5.12	(5.74)	79.95
BBNI	1.22	(0.08)	0.00	0.56	0.00	0.00	2.73	(2.68)	8.76
CASA	1.44	0.07	(0.02)	(0.46)	2.09	(2.05)	3.60	(2.86)	21.12
INOV	1.80	0.04	(0.04)	(0.09)	2.07	(2.61)	3.19	(4.04)	22.27
KRAS	2.90	0.37	0.03	(0.14)	2.46	(5.25)	8.39	(4.29)	31.64

Be your own money manager

Our tools can tell you how much better you can do entering a position in Gudang Garam without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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