Correlation Between Astra International and Phunware
Can any of the company-specific risk be diversified away by investing in both Astra International and Phunware 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 Phunware 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 Phunware, you can compare the effects of market volatilities on Astra International and Phunware 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 Phunware. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astra International and Phunware.
Diversification Opportunities for Astra International and Phunware
-0.78 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Astra and Phunware is -0.78. Overlapping area represents the amount of risk that can be diversified away by holding Astra International Tbk and Phunware in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Phunware 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 Phunware. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Phunware has no effect on the direction of Astra International i.e., Astra International and Phunware go up and down completely randomly.
Pair Corralation between Astra International and Phunware
Assuming the 90 days horizon Astra International Tbk is expected to generate 0.7 times more return on investment than Phunware. However, Astra International Tbk is 1.43 times less risky than Phunware. It trades about 0.13 of its potential returns per unit of risk. Phunware is currently generating about -0.19 per unit of risk. If you would invest 684.00 in Astra International Tbk on October 7, 2025 and sell it today you would earn a total of 132.00 from holding Astra International Tbk or generate 19.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 98.41% |
| Values | Daily Returns |
Astra International Tbk vs. Phunware
Performance |
| Timeline |
| Astra International Tbk |
| Phunware |
Astra International and Phunware Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Astra International and Phunware
The main advantage of trading using opposite Astra International and Phunware positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Astra International position performs unexpectedly, Phunware 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 Phunware will offset losses from the drop in Phunware'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 |
| Phunware vs. KNOREX LTD | Phunware vs. Blackboxstocks | Phunware vs. Surgepays | Phunware vs. YXTCOM GROUP HOLDING |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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