Correlation Between Astra International and FT Cboe
Can any of the company-specific risk be diversified away by investing in both Astra International and FT Cboe 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 FT Cboe 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 FT Cboe Vest, you can compare the effects of market volatilities on Astra International and FT Cboe 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 FT Cboe. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astra International and FT Cboe.
Diversification Opportunities for Astra International and FT Cboe
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Astra and KNG is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Astra International Tbk and FT Cboe Vest in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FT Cboe Vest 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 FT Cboe. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FT Cboe Vest has no effect on the direction of Astra International i.e., Astra International and FT Cboe go up and down completely randomly.
Pair Corralation between Astra International and FT Cboe
Assuming the 90 days horizon Astra International Tbk is expected to generate 3.32 times more return on investment than FT Cboe. However, Astra International is 3.32 times more volatile than FT Cboe Vest. It trades about 0.17 of its potential returns per unit of risk. FT Cboe Vest is currently generating about 0.01 per unit of risk. If you would invest 654.00 in Astra International Tbk on September 10, 2025 and sell it today you would earn a total of 155.00 from holding Astra International Tbk or generate 23.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 98.44% |
| Values | Daily Returns |
Astra International Tbk vs. FT Cboe Vest
Performance |
| Timeline |
| Astra International Tbk |
| FT Cboe Vest |
Astra International and FT Cboe Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Astra International and FT Cboe
The main advantage of trading using opposite Astra International and FT Cboe positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Astra International position performs unexpectedly, FT Cboe 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 FT Cboe will offset losses from the drop in FT Cboe's long position.| Astra International vs. Continental AG PK | Astra International vs. Continental Aktiengesellschaft | Astra International vs. Subaru Corp ADR | Astra International vs. Subaru Corp |
| FT Cboe vs. Fidelity Covington Trust | FT Cboe vs. YieldMax Ultra Option | FT Cboe vs. First Trust Dorsey | FT Cboe vs. Pacer Trendpilot Large |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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