Correlation Between Galva Technologies and IDX 30
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By analyzing existing cross correlation between Galva Technologies Tbk and IDX 30 Jakarta, you can compare the effects of market volatilities on Galva Technologies 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 Galva Technologies with a short position of IDX 30. Check out your portfolio center. Please also check ongoing floating volatility patterns of Galva Technologies and IDX 30.
Diversification Opportunities for Galva Technologies and IDX 30
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between Galva and IDX is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding Galva Technologies Tbk 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 Galva Technologies 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 Galva Technologies Tbk 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 Galva Technologies i.e., Galva Technologies and IDX 30 go up and down completely randomly.
Pair Corralation between Galva Technologies and IDX 30
Assuming the 90 days trading horizon Galva Technologies Tbk is expected to generate 0.99 times more return on investment than IDX 30. However, Galva Technologies Tbk is 1.01 times less risky than IDX 30. It trades about 0.0 of its potential returns per unit of risk. IDX 30 Jakarta is currently generating about -0.09 per unit of risk. If you would invest 34,200 in Galva Technologies Tbk on September 13, 2024 and sell it today you would lose (200.00) from holding Galva Technologies Tbk or give up 0.58% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Galva Technologies Tbk vs. IDX 30 Jakarta
Performance |
Timeline |
Galva Technologies and IDX 30 Volatility Contrast
Predicted Return Density |
Returns |
Galva Technologies Tbk
Pair trading matchups for Galva Technologies
IDX 30 Jakarta
Pair trading matchups for IDX 30
Pair Trading with Galva Technologies and IDX 30
The main advantage of trading using opposite Galva Technologies and IDX 30 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Galva Technologies 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.Galva Technologies vs. Pollux Properti Indonesia | Galva Technologies vs. Medikaloka Hermina PT | Galva Technologies vs. Trisula Textile Industries | Galva Technologies vs. Mitrabara Adiperdana PT |
IDX 30 vs. Tridomain Performance Materials | IDX 30 vs. HK Metals Utama | IDX 30 vs. Optima Prima Metal | IDX 30 vs. Galva Technologies Tbk |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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