Correlation Between IDX 30 and Surya Semesta
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By analyzing existing cross correlation between IDX 30 Jakarta and Surya Semesta Internusa, you can compare the effects of market volatilities on IDX 30 and Surya Semesta 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 Surya Semesta. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Surya Semesta.
Diversification Opportunities for IDX 30 and Surya Semesta
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between IDX and Surya is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Surya Semesta Internusa in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Surya Semesta Internusa 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 Surya Semesta. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Surya Semesta Internusa has no effect on the direction of IDX 30 i.e., IDX 30 and Surya Semesta go up and down completely randomly.
Pair Corralation between IDX 30 and Surya Semesta
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to under-perform the Surya Semesta. But the index apears to be less risky and, when comparing its historical volatility, IDX 30 Jakarta is 2.41 times less risky than Surya Semesta. The index trades about -0.18 of its potential returns per unit of risk. The Surya Semesta Internusa is currently generating about -0.03 of returns per unit of risk over similar time horizon. If you would invest 97,500 in Surya Semesta Internusa on December 4, 2024 and sell it today you would lose (10,500) from holding Surya Semesta Internusa or give up 10.77% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
IDX 30 Jakarta vs. Surya Semesta Internusa
Performance |
Timeline |
IDX 30 and Surya Semesta Volatility Contrast
Predicted Return Density |
Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Surya Semesta Internusa
Pair trading matchups for Surya Semesta
Pair Trading with IDX 30 and Surya Semesta
The main advantage of trading using opposite IDX 30 and Surya Semesta positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Surya Semesta 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 Surya Semesta will offset losses from the drop in Surya Semesta's long position.IDX 30 vs. Enseval Putra Megatrading | IDX 30 vs. Eastparc Hotel Tbk | IDX 30 vs. Merdeka Copper Gold | IDX 30 vs. Tridomain Performance Materials |
Surya Semesta vs. Summarecon Agung Tbk | Surya Semesta vs. Lippo Cikarang Tbk | Surya Semesta vs. Alam Sutera Realty | Surya Semesta vs. Lippo Karawaci 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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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