Correlation Analysis Between Jakarta Comp and NQTH

This module allows you to analyze existing cross correlation between Jakarta Comp and NQTH. You can compare the effects of market volatilities on Jakarta Comp and NQTH 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 Jakarta Comp with a short position of NQTH. See also your portfolio center. Please also check ongoing floating volatility patterns of Jakarta Comp and NQTH.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

 Predicted Return Density 
      Returns 

Jakarta Comp  vs.  NQTH

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Jakarta Comp is expected to under-perform the NQTH. In addition to that, Jakarta Comp is 1.57 times more volatile than NQTH. It trades about -0.12 of its total potential returns per unit of risk. NQTH is currently generating about 0.09 per unit of volatility. If you would invest  115,337  in NQTH on May 18, 2019 and sell it today you would earn a total of  2,498  from holding NQTH or generate 2.17% return on investment over 30 days.

Pair Corralation between Jakarta Comp and NQTH

0.41
Time Period2 Months [change]
DirectionPositive 
StrengthWeak
Accuracy85.0%
ValuesDaily Returns

Diversification Opportunities for Jakarta Comp and NQTH

Jakarta Comp diversification synergy

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding Jakarta Comp and NQTH in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on NQTH and Jakarta Comp 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 Jakarta Comp are associated (or correlated) with NQTH. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NQTH has no effect on the direction of Jakarta Comp i.e. Jakarta Comp and NQTH go up and down completely randomly.
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See also your portfolio center. Please also try Cryptocurrency Correlation module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins and exchanges.


 
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