Correlation Between Astra International and Sculptor Capital
Can any of the company-specific risk be diversified away by investing in both Astra International and Sculptor Capital 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 Sculptor Capital 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 Sculptor Capital Management, you can compare the effects of market volatilities on Astra International and Sculptor Capital 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 Sculptor Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astra International and Sculptor Capital.
Diversification Opportunities for Astra International and Sculptor Capital
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between Astra and Sculptor is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding Astra International Tbk and Sculptor Capital Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sculptor Capital Man 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 Sculptor Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sculptor Capital Man has no effect on the direction of Astra International i.e., Astra International and Sculptor Capital go up and down completely randomly.
Pair Corralation between Astra International and Sculptor Capital
If you would invest 620.00 in Astra International Tbk on September 12, 2024 and sell it today you would earn a total of 28.00 from holding Astra International Tbk or generate 4.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Astra International Tbk vs. Sculptor Capital Management
Performance |
| Timeline |
| Astra International Tbk |
| Sculptor Capital Man |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Astra International and Sculptor Capital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Astra International and Sculptor Capital
The main advantage of trading using opposite Astra International and Sculptor Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Astra International position performs unexpectedly, Sculptor Capital 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 Sculptor Capital will offset losses from the drop in Sculptor Capital'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 |
| Sculptor Capital vs. Federated Premier Municipal | Sculptor Capital vs. Blackrock Muniyield | Sculptor Capital vs. Diamond Hill Investment | Sculptor Capital vs. NXG NextGen Infrastructure |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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