Correlation Between IDX 30 and Asuransi Bintang
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By analyzing existing cross correlation between IDX 30 Jakarta and Asuransi Bintang Tbk, you can compare the effects of market volatilities on IDX 30 and Asuransi Bintang 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 Asuransi Bintang. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Asuransi Bintang.
Diversification Opportunities for IDX 30 and Asuransi Bintang
-0.67 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between IDX and Asuransi is -0.67. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Asuransi Bintang Tbk in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Asuransi Bintang 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 Asuransi Bintang. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Asuransi Bintang Tbk has no effect on the direction of IDX 30 i.e., IDX 30 and Asuransi Bintang go up and down completely randomly.
Pair Corralation between IDX 30 and Asuransi Bintang
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to under-perform the Asuransi Bintang. But the index apears to be less risky and, when comparing its historical volatility, IDX 30 Jakarta is 3.38 times less risky than Asuransi Bintang. The index trades about -0.16 of its potential returns per unit of risk. The Asuransi Bintang Tbk is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 80,500 in Asuransi Bintang Tbk on February 7, 2024 and sell it today you would earn a total of 8,500 from holding Asuransi Bintang Tbk or generate 10.56% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
IDX 30 Jakarta vs. Asuransi Bintang Tbk
Performance |
Timeline |
IDX 30 and Asuransi Bintang Volatility Contrast
Predicted Return Density |
Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Asuransi Bintang Tbk
Pair trading matchups for Asuransi Bintang
Pair Trading with IDX 30 and Asuransi Bintang
The main advantage of trading using opposite IDX 30 and Asuransi Bintang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Asuransi Bintang 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 Asuransi Bintang will offset losses from the drop in Asuransi Bintang's long position.IDX 30 vs. Bank Ocbc Nisp | IDX 30 vs. Merdeka Copper Gold | IDX 30 vs. Pertamina Geothermal Energy | IDX 30 vs. Surya Citra Media |
Asuransi Bintang vs. Asuransi Dayin Mitra | Asuransi Bintang vs. Asuransi Harta Aman | Asuransi Bintang vs. Asuransi Ramayana Tbk | Asuransi Bintang vs. Asuransi Jasa Tania |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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