Correlation Between PT Astra and First Physicians
Can any of the company-specific risk be diversified away by investing in both PT Astra and First Physicians 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 PT Astra and First Physicians into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PT Astra International and First Physicians Capital, you can compare the effects of market volatilities on PT Astra and First Physicians 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 PT Astra with a short position of First Physicians. Check out your portfolio center. Please also check ongoing floating volatility patterns of PT Astra and First Physicians.
Diversification Opportunities for PT Astra and First Physicians
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between PTAIF and First is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding PT Astra International and First Physicians Capital in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on First Physicians Capital and PT Astra 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 PT Astra International are associated (or correlated) with First Physicians. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of First Physicians Capital has no effect on the direction of PT Astra i.e., PT Astra and First Physicians go up and down completely randomly.
Pair Corralation between PT Astra and First Physicians
If you would invest 29.00 in PT Astra International on June 9, 2025 and sell it today you would earn a total of 2.00 from holding PT Astra International or generate 6.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 96.92% |
| Values | Daily Returns |
PT Astra International vs. First Physicians Capital
Performance |
| Timeline |
| PT Astra International |
| First Physicians Capital |
PT Astra and First Physicians Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PT Astra and First Physicians
The main advantage of trading using opposite PT Astra and First Physicians positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PT Astra position performs unexpectedly, First Physicians 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 First Physicians will offset losses from the drop in First Physicians' long position.| PT Astra vs. DENSO | PT Astra vs. Denso Corp ADR | PT Astra vs. Bridgestone | PT Astra vs. Bridgestone Corp ADR |
| First Physicians vs. Samsung Electronics Co | First Physicians vs. Astra International Tbk | First Physicians vs. PT Astra International | First Physicians vs. PT Bank Rakyat |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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