Correlation Between IDX 30 and Radana Bhaskara
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By analyzing existing cross correlation between IDX 30 Jakarta and Radana Bhaskara Finance, you can compare the effects of market volatilities on IDX 30 and Radana Bhaskara 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 Radana Bhaskara. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Radana Bhaskara.
Diversification Opportunities for IDX 30 and Radana Bhaskara
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between IDX and Radana is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Radana Bhaskara Finance in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Radana Bhaskara Finance 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 Radana Bhaskara. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Radana Bhaskara Finance has no effect on the direction of IDX 30 i.e., IDX 30 and Radana Bhaskara go up and down completely randomly.
Pair Corralation between IDX 30 and Radana Bhaskara
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to generate 0.21 times more return on investment than Radana Bhaskara. However, IDX 30 Jakarta is 4.69 times less risky than Radana Bhaskara. It trades about -0.03 of its potential returns per unit of risk. Radana Bhaskara Finance is currently generating about -0.06 per unit of risk. If you would invest 49,829 in IDX 30 Jakarta on January 31, 2024 and sell it today you would lose (2,765) from holding IDX 30 Jakarta or give up 5.55% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 99.44% |
Values | Daily Returns |
IDX 30 Jakarta vs. Radana Bhaskara Finance
Performance |
Timeline |
IDX 30 and Radana Bhaskara Volatility Contrast
Predicted Return Density |
Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Radana Bhaskara Finance
Pair trading matchups for Radana Bhaskara
Pair Trading with IDX 30 and Radana Bhaskara
The main advantage of trading using opposite IDX 30 and Radana Bhaskara positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Radana Bhaskara 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 Radana Bhaskara will offset losses from the drop in Radana Bhaskara's long position.IDX 30 vs. First Media Tbk | IDX 30 vs. Electronic City Indonesia | IDX 30 vs. Indosterling TechnomediaTbk | IDX 30 vs. Dyandra Media International |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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