Correlation Between PT Astra and Ameriguard Security
Can any of the company-specific risk be diversified away by investing in both PT Astra and Ameriguard Security at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining PT Astra and Ameriguard Security into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PT Astra International and Ameriguard Security Services, you can compare the effects of market volatilities on PT Astra and Ameriguard Security 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 PT Astra with a short position of Ameriguard Security. Check out your portfolio center. Please also check ongoing floating volatility patterns of PT Astra and Ameriguard Security.
Diversification Opportunities for PT Astra and Ameriguard Security
-0.82 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between PTAIF and Ameriguard is -0.82. Overlapping area represents the amount of risk that can be diversified away by holding PT Astra International and Ameriguard Security Services in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ameriguard Security and PT Astra 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 PT Astra International are associated (or correlated) with Ameriguard Security. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ameriguard Security has no effect on the direction of PT Astra i.e., PT Astra and Ameriguard Security go up and down completely randomly.
Pair Corralation between PT Astra and Ameriguard Security
If you would invest 37.00 in PT Astra International on September 2, 2024 and sell it today you would earn a total of 0.00 from holding PT Astra International or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
PT Astra International vs. Ameriguard Security Services
Performance |
| Timeline |
| PT Astra International |
| Ameriguard Security |
PT Astra and Ameriguard Security Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PT Astra and Ameriguard Security
The main advantage of trading using opposite PT Astra and Ameriguard Security positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PT Astra position performs unexpectedly, Ameriguard Security 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 Ameriguard Security will offset losses from the drop in Ameriguard Security's long position.| PT Astra vs. Allison Transmission Holdings | PT Astra vs. Luminar Technologies | PT Astra vs. Quantumscape Corp | PT Astra vs. Lear Corporation |
| Ameriguard Security vs. American Leisure Holdings | Ameriguard Security vs. Supurva Healthcare Group | Ameriguard Security vs. China Health Management | Ameriguard Security vs. Embrace Change Acquisition |
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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