Correlation Between Astra International and Grupo Televisa
Can any of the company-specific risk be diversified away by investing in both Astra International and Grupo Televisa 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 Grupo Televisa 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 Grupo Televisa SAB, you can compare the effects of market volatilities on Astra International and Grupo Televisa 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 Grupo Televisa. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astra International and Grupo Televisa.
Diversification Opportunities for Astra International and Grupo Televisa
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Astra and Grupo is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Astra International Tbk and Grupo Televisa SAB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grupo Televisa SAB 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 Grupo Televisa. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grupo Televisa SAB has no effect on the direction of Astra International i.e., Astra International and Grupo Televisa go up and down completely randomly.
Pair Corralation between Astra International and Grupo Televisa
If you would invest 51.00 in Grupo Televisa SAB on September 1, 2024 and sell it today you would earn a total of 0.00 from holding Grupo Televisa SAB or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Astra International Tbk vs. Grupo Televisa SAB
Performance |
| Timeline |
| Astra International Tbk |
| Grupo Televisa SAB |
Astra International and Grupo Televisa Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Astra International and Grupo Televisa
The main advantage of trading using opposite Astra International and Grupo Televisa positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Astra International position performs unexpectedly, Grupo Televisa 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 Grupo Televisa will offset losses from the drop in Grupo Televisa's long position.| Astra International vs. Allison Transmission Holdings | Astra International vs. Luminar Technologies | Astra International vs. Quantumscape Corp | Astra International vs. Lear Corporation |
| Grupo Televisa vs. Equinix | Grupo Televisa vs. Independence Realty Trust | Grupo Televisa vs. Eldorado Gold Corp | Grupo Televisa vs. Minerals 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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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