Correlation Between Astra International and ANTA Sports
Can any of the company-specific risk be diversified away by investing in both Astra International and ANTA Sports 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 ANTA Sports 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 ANTA Sports Products, you can compare the effects of market volatilities on Astra International and ANTA Sports 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 ANTA Sports. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astra International and ANTA Sports.
Diversification Opportunities for Astra International and ANTA Sports
-0.65 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Astra and ANTA is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding Astra International Tbk and ANTA Sports Products in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ANTA Sports Products 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 ANTA Sports. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ANTA Sports Products has no effect on the direction of Astra International i.e., Astra International and ANTA Sports go up and down completely randomly.
Pair Corralation between Astra International and ANTA Sports
Assuming the 90 days horizon Astra International Tbk is expected to generate 0.68 times more return on investment than ANTA Sports. However, Astra International Tbk is 1.47 times less risky than ANTA Sports. It trades about 0.18 of its potential returns per unit of risk. ANTA Sports Products is currently generating about -0.02 per unit of risk. If you would invest 611.00 in Astra International Tbk on August 17, 2025 and sell it today you would earn a total of 171.00 from holding Astra International Tbk or generate 27.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Astra International Tbk vs. ANTA Sports Products
Performance |
| Timeline |
| Astra International Tbk |
| ANTA Sports Products |
Astra International and ANTA Sports Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Astra International and ANTA Sports
The main advantage of trading using opposite Astra International and ANTA Sports positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Astra International position performs unexpectedly, ANTA Sports 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 ANTA Sports will offset losses from the drop in ANTA Sports' long position.| Astra International vs. Continental AG PK | Astra International vs. Continental Aktiengesellschaft | Astra International vs. Subaru Corp ADR | Astra International vs. Subaru Corp |
| ANTA Sports vs. ANTA Sports Products | ANTA Sports vs. Carnival plc | ANTA Sports vs. Suzuki Motor | ANTA Sports vs. Suzuki Motor Corp |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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