Correlation Between Astera Labs, and NISOURCE
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By analyzing existing cross correlation between Astera Labs, Common and NISOURCE INC, you can compare the effects of market volatilities on Astera Labs, and NISOURCE 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 Astera Labs, with a short position of NISOURCE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astera Labs, and NISOURCE.
Diversification Opportunities for Astera Labs, and NISOURCE
-0.73 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Astera and NISOURCE is -0.73. Overlapping area represents the amount of risk that can be diversified away by holding Astera Labs, Common and NISOURCE INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NISOURCE INC and Astera Labs, 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 Astera Labs, Common are associated (or correlated) with NISOURCE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NISOURCE INC has no effect on the direction of Astera Labs, i.e., Astera Labs, and NISOURCE go up and down completely randomly.
Pair Corralation between Astera Labs, and NISOURCE
Given the investment horizon of 90 days Astera Labs, is expected to generate 6.74 times less return on investment than NISOURCE. But when comparing it to its historical volatility, Astera Labs, Common is 10.03 times less risky than NISOURCE. It trades about 0.08 of its potential returns per unit of risk. NISOURCE INC is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 7,780 in NISOURCE INC on August 31, 2024 and sell it today you would lose (81.00) from holding NISOURCE INC or give up 1.04% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 59.14% |
| Values | Daily Returns |
Astera Labs, Common vs. NISOURCE INC
Performance |
| Timeline |
| Astera Labs, Common |
| NISOURCE INC |
Astera Labs, and NISOURCE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Astera Labs, and NISOURCE
The main advantage of trading using opposite Astera Labs, and NISOURCE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Astera Labs, position performs unexpectedly, NISOURCE 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 NISOURCE will offset losses from the drop in NISOURCE's long position.| Astera Labs, vs. Chester Mining | Astera Labs, vs. Lion One Metals | Astera Labs, vs. Barrick Gold Corp | Astera Labs, vs. Playa Hotels Resorts |
| NISOURCE vs. World Houseware Limited | NISOURCE vs. Inter Parfums | NISOURCE vs. Church Dwight | NISOURCE vs. Steven Madden |
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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