Correlation Between HUMANA and PT Astra
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By analyzing existing cross correlation between HUMANA INC and PT Astra International, you can compare the effects of market volatilities on HUMANA and PT Astra 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 HUMANA with a short position of PT Astra. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and PT Astra.
Diversification Opportunities for HUMANA and PT Astra
Very good diversification
The 3 months correlation between HUMANA and PTAIF is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and PT Astra International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PT Astra International and HUMANA 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 HUMANA INC are associated (or correlated) with PT Astra. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PT Astra International has no effect on the direction of HUMANA i.e., HUMANA and PT Astra go up and down completely randomly.
Pair Corralation between HUMANA and PT Astra
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the PT Astra. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 4.64 times less risky than PT Astra. The bond trades about 0.0 of its potential returns per unit of risk. The PT Astra International is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 31.00 in PT Astra International on September 14, 2024 and sell it today you would earn a total of 6.00 from holding PT Astra International or generate 19.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 62.45% |
| Values | Daily Returns |
HUMANA INC vs. PT Astra International
Performance |
| Timeline |
| HUMANA INC |
| PT Astra International |
HUMANA and PT Astra Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and PT Astra
The main advantage of trading using opposite HUMANA and PT Astra positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, PT Astra 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 PT Astra will offset losses from the drop in PT Astra's long position.| HUMANA vs. Doubledown Interactive Co | HUMANA vs. Golden Matrix Group | HUMANA vs. Skechers USA | HUMANA vs. NetEase |
| PT Astra vs. Astra International Tbk | PT Astra vs. Mobileye Global Class | PT Astra vs. HUMANA INC | PT Astra vs. Barloworld Ltd ADR |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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