Correlation Between Astra International and Chicken Soup
Can any of the company-specific risk be diversified away by investing in both Astra International and Chicken Soup 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 Astra International and Chicken Soup into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Astra International Tbk and Chicken Soup For, you can compare the effects of market volatilities on Astra International and Chicken Soup 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 Astra International with a short position of Chicken Soup. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astra International and Chicken Soup.
Diversification Opportunities for Astra International and Chicken Soup
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Astra and Chicken is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding Astra International Tbk and Chicken Soup For in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chicken Soup For and Astra International 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 Astra International Tbk are associated (or correlated) with Chicken Soup. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chicken Soup For has no effect on the direction of Astra International i.e., Astra International and Chicken Soup go up and down completely randomly.
Pair Corralation between Astra International and Chicken Soup
If you would invest 615.00 in Astra International Tbk on September 14, 2024 and sell it today you would earn a total of 33.00 from holding Astra International Tbk or generate 5.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Astra International Tbk vs. Chicken Soup For
Performance |
| Timeline |
| Astra International Tbk |
| Chicken Soup For |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Astra International and Chicken Soup Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Astra International and Chicken Soup
The main advantage of trading using opposite Astra International and Chicken Soup positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Astra International position performs unexpectedly, Chicken Soup 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 Chicken Soup will offset losses from the drop in Chicken Soup's long position.| Astra International vs. PT Astra International | Astra International vs. Mobileye Global Class | Astra International vs. HUMANA INC | Astra International vs. Barloworld Ltd ADR |
| Chicken Soup vs. AMC Networks | Chicken Soup vs. Lions Gate Entertainment | Chicken Soup vs. Reservoir Media | Chicken Soup vs. Marcus |
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 Stocks Directory module to find actively traded stocks across global markets.
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