Correlation Between PT Astra and AppYea

Can any of the company-specific risk be diversified away by investing in both PT Astra and AppYea 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 Astra and AppYea into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between PT Astra International and AppYea Inc, you can compare the effects of market volatilities on PT Astra and AppYea 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 Astra with a short position of AppYea. Check out your portfolio center. Please also check ongoing floating volatility patterns of PT Astra and AppYea.

Diversification Opportunities for PT Astra and AppYea

-0.61

Correlation Coefficient

PT Astra  AppYea

Excellent diversification

The 3 months correlation between PTAIF and AppYea is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding PT Astra International and AppYea Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AppYea Inc and PT Astra 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 Astra International are associated (or correlated) with AppYea. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AppYea Inc has no effect on the direction of PT Astra i.e., PT Astra and AppYea go up and down completely randomly.

Pair Corralation between PT Astra and AppYea

Assuming the 90 days horizon PT Astra International is expected to under-perform the AppYea. But the pink sheet apears to be less risky and, when comparing its historical volatility, PT Astra International is 7.16 times less risky than AppYea. The pink sheet trades about -0.06 of its potential returns per unit of risk. The AppYea Inc is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest  0.95  in AppYea Inc on May 19, 2025 and sell it today you would earn a total of  0.05  from holding AppYea Inc or generate 5.26% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Weak
Accuracy	100.0%
Values	Daily Returns

PT Astra International  vs.  AppYea Inc

PT Astra International

Risk-Adjusted Performance

Soft

Compared to the overall equity markets, risk-adjusted returns on investments in PT Astra International are ranked lower than 4 (%) of all global equities and portfolios over the last 90 days. Despite nearly unfluctuating forward indicators, PT Astra may actually be approaching a critical reversion point that can send shares even higher in September 2025.

AppYea Inc

Risk-Adjusted Performance

Mild

Compared to the overall equity markets, risk-adjusted returns on investments in AppYea Inc are ranked lower than 5 (%) of all global equities and portfolios over the last 90 days. Even with relatively unfluctuating basic indicators, AppYea reported solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with PT Astra and AppYea

The main advantage of trading using opposite PT Astra and AppYea positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PT Astra position performs unexpectedly, AppYea 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 AppYea will offset losses from the drop in AppYea's long position.

The idea behind PT Astra International and AppYea Inc 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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.