Correlation Between Astra International and FAST TRACK
Can any of the company-specific risk be diversified away by investing in both Astra International and FAST TRACK 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 FAST TRACK 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 FAST TRACK GROUP, you can compare the effects of market volatilities on Astra International and FAST TRACK 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 FAST TRACK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astra International and FAST TRACK.
Diversification Opportunities for Astra International and FAST TRACK
-0.67 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Astra and FAST is -0.67. Overlapping area represents the amount of risk that can be diversified away by holding Astra International Tbk and FAST TRACK GROUP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FAST TRACK GROUP 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 FAST TRACK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FAST TRACK GROUP has no effect on the direction of Astra International i.e., Astra International and FAST TRACK go up and down completely randomly.
Pair Corralation between Astra International and FAST TRACK
Assuming the 90 days horizon Astra International Tbk is expected to generate 0.3 times more return on investment than FAST TRACK. However, Astra International Tbk is 3.31 times less risky than FAST TRACK. It trades about 0.17 of its potential returns per unit of risk. FAST TRACK GROUP is currently generating about -0.02 per unit of risk. If you would invest 656.00 in Astra International Tbk on September 1, 2025 and sell it today you would earn a total of 155.00 from holding Astra International Tbk or generate 23.63% 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. FAST TRACK GROUP
Performance |
| Timeline |
| Astra International Tbk |
| FAST TRACK GROUP |
Astra International and FAST TRACK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Astra International and FAST TRACK
The main advantage of trading using opposite Astra International and FAST TRACK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Astra International position performs unexpectedly, FAST TRACK 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 FAST TRACK will offset losses from the drop in FAST TRACK's long position.| Astra International vs. Aldel Financial II | Astra International vs. Summit Bank Group | Astra International vs. PureTech Health plc | Astra International vs. HEALTHeUNIVERSE |
| FAST TRACK vs. China Aircraft Leasing | FAST TRACK vs. LATAM Airlines Group | FAST TRACK vs. iShares Physical Metals | FAST TRACK vs. Arizona Metals 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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
Other Complementary Tools
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal |