Correlation Between Astra International and Mobile Lads
Can any of the company-specific risk be diversified away by investing in both Astra International and Mobile Lads 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 Mobile Lads 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 Mobile Lads Corp, you can compare the effects of market volatilities on Astra International and Mobile Lads 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 Mobile Lads. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astra International and Mobile Lads.
Diversification Opportunities for Astra International and Mobile Lads
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Astra and Mobile is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Astra International Tbk and Mobile Lads Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mobile Lads Corp 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 Mobile Lads. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mobile Lads Corp has no effect on the direction of Astra International i.e., Astra International and Mobile Lads go up and down completely randomly.
Pair Corralation between Astra International and Mobile Lads
If you would invest 603.00 in Astra International Tbk on October 25, 2024 and sell it today you would earn a total of 1.00 from holding Astra International Tbk or generate 0.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 85.71% |
| Values | Daily Returns |
Astra International Tbk vs. Mobile Lads Corp
Performance |
| Timeline |
| Astra International Tbk |
| Mobile Lads Corp |
Astra International and Mobile Lads Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Astra International and Mobile Lads
The main advantage of trading using opposite Astra International and Mobile Lads positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Astra International position performs unexpectedly, Mobile Lads 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 Mobile Lads will offset losses from the drop in Mobile Lads' long position.| Astra International vs. Allison Transmission Holdings | Astra International vs. Luminar Technologies | Astra International vs. Lear Corporation | Astra International vs. BorgWarner |
| Mobile Lads vs. Taysha Gene Therapies | Mobile Lads vs. ZyVersa Therapeutics | Mobile Lads vs. Palisade Bio | Mobile Lads vs. Unicycive Therapeutics |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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