Correlation Between PT Indosat and United Express

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Can any of the company-specific risk be diversified away by investing in both PT Indosat and United Express 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 Indosat and United Express into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PT Indosat Tbk and United Express, you can compare the effects of market volatilities on PT Indosat and United Express 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 Indosat with a short position of United Express. Check out your portfolio center. Please also check ongoing floating volatility patterns of PT Indosat and United Express.

Diversification Opportunities for PT Indosat and United Express

-0.53
  Correlation Coefficient

Excellent diversification

The 3 months correlation between PTITF and United is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding PT Indosat Tbk and United Express in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on United Express and PT Indosat 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 Indosat Tbk are associated (or correlated) with United Express. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of United Express has no effect on the direction of PT Indosat i.e., PT Indosat and United Express go up and down completely randomly.

Pair Corralation between PT Indosat and United Express

If you would invest  16.00  in PT Indosat Tbk on September 12, 2025 and sell it today you would earn a total of  0.00  from holding PT Indosat Tbk or generate 0.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthVery Weak
Accuracy17.19%
ValuesDaily Returns

PT Indosat Tbk  vs.  United Express

 Performance 
       Timeline  
PT Indosat Tbk 

Risk-Adjusted Performance

Weakest

 
Weak
 
Strong
Over the last 90 days PT Indosat Tbk has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable basic indicators, PT Indosat is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.
United Express 

Risk-Adjusted Performance

Weakest

 
Weak
 
Strong
Over the last 90 days United Express has generated negative risk-adjusted returns adding no value to investors with long positions. Even with uncertain performance in the last few months, the Stock's basic indicators remain relatively invariable which may send shares a bit higher in January 2026. The latest agitation may also be a sign of long-running up-swing for the enterprise retail investors.

PT Indosat and United Express Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with PT Indosat and United Express

The main advantage of trading using opposite PT Indosat and United Express positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PT Indosat position performs unexpectedly, United Express 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 United Express will offset losses from the drop in United Express' long position.
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The idea behind PT Indosat Tbk and United Express pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.

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