Correlation Between IDX 30 and Abm Investama
Specify exactly 2 symbols:
By analyzing existing cross correlation between IDX 30 Jakarta and Abm Investama Tbk, you can compare the effects of market volatilities on IDX 30 and Abm Investama 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 Abm Investama. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Abm Investama.
Diversification Opportunities for IDX 30 and Abm Investama
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between IDX and Abm is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Abm Investama Tbk in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Abm Investama 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 Abm Investama. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Abm Investama Tbk has no effect on the direction of IDX 30 i.e., IDX 30 and Abm Investama go up and down completely randomly.
Pair Corralation between IDX 30 and Abm Investama
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to generate 1.15 times more return on investment than Abm Investama. However, IDX 30 is 1.15 times more volatile than Abm Investama Tbk. It trades about -0.2 of its potential returns per unit of risk. Abm Investama Tbk is currently generating about -0.3 per unit of risk. If you would invest 47,350 in IDX 30 Jakarta on February 8, 2024 and sell it today you would lose (2,061) from holding IDX 30 Jakarta or give up 4.35% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
IDX 30 Jakarta vs. Abm Investama Tbk
Performance |
Timeline |
IDX 30 and Abm Investama Volatility Contrast
Predicted Return Density |
Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Abm Investama Tbk
Pair trading matchups for Abm Investama
Pair Trading with IDX 30 and Abm Investama
The main advantage of trading using opposite IDX 30 and Abm Investama positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Abm Investama 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 Abm Investama will offset losses from the drop in Abm Investama's long position.IDX 30 vs. Dharma Polimetal Tbk | IDX 30 vs. City Retail Developments | IDX 30 vs. Indosterling TechnomediaTbk | IDX 30 vs. Pertamina Geothermal Energy |
Abm Investama vs. Astra International Tbk | Abm Investama vs. Semen Indonesia Persero | Abm Investama vs. Indofood Sukses Makmur | Abm Investama vs. Unilever Indonesia 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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
Other Complementary Tools
Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments |