Correlation Between Astra International and Pyxus International

Can any of the company-specific risk be diversified away by investing in both Astra International and Pyxus International 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 Pyxus International 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 Pyxus International, you can compare the effects of market volatilities on Astra International and Pyxus International 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 Pyxus International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astra International and Pyxus International.

Diversification Opportunities for Astra International and Pyxus International

-0.2

Correlation Coefficient

Astra International  Pyxus International

Good diversification

The 3 months correlation between Astra and Pyxus is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding Astra International Tbk and Pyxus International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pyxus International 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 Pyxus International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pyxus International has no effect on the direction of Astra International i.e., Astra International and Pyxus International go up and down completely randomly.

Pair Corralation between Astra International and Pyxus International

Assuming the 90 days horizon Astra International Tbk is expected to generate 0.8 times more return on investment than Pyxus International. However, Astra International Tbk is 1.25 times less risky than Pyxus International. It trades about 0.1 of its potential returns per unit of risk. Pyxus International is currently generating about -0.27 per unit of risk. If you would invest  761.00  in Astra International Tbk on September 16, 2025 and sell it today you would earn a total of  33.00  from holding Astra International Tbk or generate 4.34% return on investment over 90 days.

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

Astra International Tbk  vs.  Pyxus International

Astra International Tbk

Risk-Adjusted Performance

Fair

Compared to the overall equity markets, risk-adjusted returns on investments in Astra International Tbk are ranked lower than 9 (%) of all global equities and portfolios over the last 90 days. In spite of fairly weak forward indicators, Astra International showed solid returns over the last few months and may actually be approaching a breakup point.

Pyxus International

Risk-Adjusted Performance

Weak

Compared to the overall equity markets, risk-adjusted returns on investments in Pyxus International are ranked lower than 1 (%) of all global equities and portfolios over the last 90 days. In spite of fairly unsteady basic indicators, Pyxus International may actually be approaching a critical reversion point that can send shares even higher in January 2026.

Pair Trading with Astra International and Pyxus International

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

The idea behind Astra International Tbk and Pyxus International 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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.