Correlation Between PT Astra and Blue Whale
Can any of the company-specific risk be diversified away by investing in both PT Astra and Blue Whale 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 Blue Whale 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 Blue Whale Acquisition, you can compare the effects of market volatilities on PT Astra and Blue Whale 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 Blue Whale. Check out your portfolio center. Please also check ongoing floating volatility patterns of PT Astra and Blue Whale.
Diversification Opportunities for PT Astra and Blue Whale
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between PTAIF and Blue is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding PT Astra International and Blue Whale Acquisition in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blue Whale Acquisition 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 Blue Whale. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blue Whale Acquisition has no effect on the direction of PT Astra i.e., PT Astra and Blue Whale go up and down completely randomly.
Pair Corralation between PT Astra and Blue Whale
If you would invest 31.00 in PT Astra International on January 6, 2025 and sell it today you would lose (3.00) from holding PT Astra International or give up 9.68% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
PT Astra International vs. Blue Whale Acquisition
Performance |
| Timeline |
| PT Astra International |
| Blue Whale Acquisition |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
PT Astra and Blue Whale Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PT Astra and Blue Whale
The main advantage of trading using opposite PT Astra and Blue Whale positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PT Astra position performs unexpectedly, Blue Whale 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 Blue Whale will offset losses from the drop in Blue Whale's long position.| PT Astra vs. Allison Transmission Holdings | PT Astra vs. Luminar Technologies | PT Astra vs. Quantumscape Corp | PT Astra vs. Lear Corporation |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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