Correlation Between PT Astra and Tombstone Exploration
Can any of the company-specific risk be diversified away by investing in both PT Astra and Tombstone Exploration 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 Tombstone Exploration 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 Tombstone Exploration Corp, you can compare the effects of market volatilities on PT Astra and Tombstone Exploration 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 Tombstone Exploration. Check out your portfolio center. Please also check ongoing floating volatility patterns of PT Astra and Tombstone Exploration.
Diversification Opportunities for PT Astra and Tombstone Exploration
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between PTAIF and Tombstone is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding PT Astra International and Tombstone Exploration Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tombstone Exploration 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 Tombstone Exploration. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tombstone Exploration has no effect on the direction of PT Astra i.e., PT Astra and Tombstone Exploration go up and down completely randomly.
Pair Corralation between PT Astra and Tombstone Exploration
If you would invest 37.00 in PT Astra International on September 13, 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 | Moves Against |
| Strength | Very Weak |
| Accuracy | 91.3% |
| Values | Daily Returns |
PT Astra International vs. Tombstone Exploration Corp
Performance |
| Timeline |
| PT Astra International |
| Tombstone Exploration |
PT Astra and Tombstone Exploration Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PT Astra and Tombstone Exploration
The main advantage of trading using opposite PT Astra and Tombstone Exploration positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PT Astra position performs unexpectedly, Tombstone Exploration 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 Tombstone Exploration will offset losses from the drop in Tombstone Exploration's long position.| PT Astra vs. Allison Transmission Holdings | PT Astra vs. Luminar Technologies | PT Astra vs. Quantumscape Corp | PT Astra vs. Lear Corporation |
| Tombstone Exploration vs. Summa Silver Corp | Tombstone Exploration vs. GoGold Resources | Tombstone Exploration vs. Scottie Resources Corp | Tombstone Exploration vs. Brixton Metals |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
Other Complementary Tools
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios |