Correlation Between PT Astra and Six Flags
Can any of the company-specific risk be diversified away by investing in both PT Astra and Six Flags 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 Six Flags 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 Six Flags Entertainment, you can compare the effects of market volatilities on PT Astra and Six Flags 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 Six Flags. Check out your portfolio center. Please also check ongoing floating volatility patterns of PT Astra and Six Flags.
Diversification Opportunities for PT Astra and Six Flags
Pay attention - limited upside
The 3 months correlation between PTAIF and Six is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding PT Astra International and Six Flags Entertainment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Six Flags Entertainment 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 Six Flags. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Six Flags Entertainment has no effect on the direction of PT Astra i.e., PT Astra and Six Flags go up and down completely randomly.
Pair Corralation between PT Astra and Six Flags
If you would invest 30.00 in PT Astra International on November 9, 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 | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
PT Astra International vs. Six Flags Entertainment
Performance |
| Timeline |
| PT Astra International |
| Six Flags Entertainment |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
PT Astra and Six Flags Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PT Astra and Six Flags
The main advantage of trading using opposite PT Astra and Six Flags positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PT Astra position performs unexpectedly, Six Flags 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 Six Flags will offset losses from the drop in Six Flags' long position.| PT Astra vs. Allison Transmission Holdings | PT Astra vs. Luminar Technologies | PT Astra vs. Quantumscape Corp | PT Astra vs. Lear Corporation |
| Six Flags vs. JAKKS Pacific | Six Flags vs. OneSpaWorld Holdings | Six Flags vs. Clarus Corp | Six Flags vs. Six Flags Entertainment |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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