Correlation Between PT Astra and Rosinbomb
Can any of the company-specific risk be diversified away by investing in both PT Astra and Rosinbomb 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 Rosinbomb 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 Rosinbomb, you can compare the effects of market volatilities on PT Astra and Rosinbomb 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 Rosinbomb. Check out your portfolio center. Please also check ongoing floating volatility patterns of PT Astra and Rosinbomb.
Diversification Opportunities for PT Astra and Rosinbomb
Pay attention - limited upside
The 3 months correlation between PTAIF and Rosinbomb is -0.81. Overlapping area represents the amount of risk that can be diversified away by holding PT Astra International and Rosinbomb in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Rosinbomb 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 Rosinbomb. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Rosinbomb has no effect on the direction of PT Astra i.e., PT Astra and Rosinbomb go up and down completely randomly.
Pair Corralation between PT Astra and Rosinbomb
If you would invest 0.16 in Rosinbomb on September 3, 2024 and sell it today you would earn a total of 0.14 from holding Rosinbomb or generate 87.5% 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. Rosinbomb
Performance |
| Timeline |
| PT Astra International |
| Rosinbomb |
PT Astra and Rosinbomb Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PT Astra and Rosinbomb
The main advantage of trading using opposite PT Astra and Rosinbomb positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PT Astra position performs unexpectedly, Rosinbomb 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 Rosinbomb will offset losses from the drop in Rosinbomb's long position.| PT Astra vs. Allison Transmission Holdings | PT Astra vs. Luminar Technologies | PT Astra vs. Quantumscape Corp | PT Astra vs. Lear Corporation |
| Rosinbomb vs. Dear Cashmere Holding | Rosinbomb vs. Goff Corp | Rosinbomb vs. Wialan Technologies | Rosinbomb vs. Cgrowth Capital |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
Other Complementary Tools
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments |