Correlation Between PT Astra and Cetus Capital
Can any of the company-specific risk be diversified away by investing in both PT Astra and Cetus Capital 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 Cetus Capital 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 Cetus Capital Acquisition, you can compare the effects of market volatilities on PT Astra and Cetus Capital 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 Cetus Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of PT Astra and Cetus Capital.
Diversification Opportunities for PT Astra and Cetus Capital
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between PTAIF and Cetus is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding PT Astra International and Cetus Capital Acquisition in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cetus Capital 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 Cetus Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cetus Capital Acquisition has no effect on the direction of PT Astra i.e., PT Astra and Cetus Capital go up and down completely randomly.
Pair Corralation between PT Astra and Cetus Capital
If you would invest 1,141 in Cetus Capital Acquisition on September 1, 2024 and sell it today you would earn a total of 0.00 from holding Cetus Capital Acquisition or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
PT Astra International vs. Cetus Capital Acquisition
Performance |
| Timeline |
| PT Astra International |
| Cetus Capital Acquisition |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
PT Astra and Cetus Capital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PT Astra and Cetus Capital
The main advantage of trading using opposite PT Astra and Cetus Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PT Astra position performs unexpectedly, Cetus Capital 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 Cetus Capital will offset losses from the drop in Cetus Capital's long position.| PT Astra vs. Allison Transmission Holdings | PT Astra vs. Luminar Technologies | PT Astra vs. Quantumscape Corp | PT Astra vs. Lear Corporation |
| Cetus Capital vs. Pintec Technology Holdings | Cetus Capital vs. Chiba Bank Ltd | Cetus Capital vs. KeyCorp | Cetus Capital vs. Commonwealth Bank of |
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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