Correlation Between PT Astra and TDCX
Can any of the company-specific risk be diversified away by investing in both PT Astra and TDCX 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 TDCX 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 TDCX Inc ADR, you can compare the effects of market volatilities on PT Astra and TDCX 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 TDCX. Check out your portfolio center. Please also check ongoing floating volatility patterns of PT Astra and TDCX.
Diversification Opportunities for PT Astra and TDCX
Pay attention - limited upside
The 3 months correlation between PTAIF and TDCX is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding PT Astra International and TDCX Inc ADR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TDCX Inc ADR 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 TDCX. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TDCX Inc ADR has no effect on the direction of PT Astra i.e., PT Astra and TDCX go up and down completely randomly.
Pair Corralation between PT Astra and TDCX
If you would invest (100.00) in TDCX Inc ADR on January 8, 2025 and sell it today you would earn a total of 100.00 from holding TDCX Inc ADR or generate -100.0% 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. TDCX Inc ADR
Performance |
| Timeline |
| PT Astra International |
| TDCX Inc ADR |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
PT Astra and TDCX Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PT Astra and TDCX
The main advantage of trading using opposite PT Astra and TDCX positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PT Astra position performs unexpectedly, TDCX 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 TDCX will offset losses from the drop in TDCX's long position.| PT Astra vs. 4 Less Group | PT Astra vs. Foresight Autonomous Holdings | PT Astra vs. Goodyear Tire Rubber | PT Astra vs. Luminar Technologies |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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