Correlation Between AstroNova and SENSIO Technologies
Can any of the company-specific risk be diversified away by investing in both AstroNova and SENSIO Technologies 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 AstroNova and SENSIO Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AstroNova and SENSIO Technologies, you can compare the effects of market volatilities on AstroNova and SENSIO Technologies 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 AstroNova with a short position of SENSIO Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of AstroNova and SENSIO Technologies.
Diversification Opportunities for AstroNova and SENSIO Technologies
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between AstroNova and SENSIO is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding AstroNova and SENSIO Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SENSIO Technologies and AstroNova 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 AstroNova are associated (or correlated) with SENSIO Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SENSIO Technologies has no effect on the direction of AstroNova i.e., AstroNova and SENSIO Technologies go up and down completely randomly.
Pair Corralation between AstroNova and SENSIO Technologies
If you would invest 1,299 in AstroNova on August 26, 2024 and sell it today you would earn a total of 178.00 from holding AstroNova or generate 13.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 15.91% |
| Values | Daily Returns |
AstroNova vs. SENSIO Technologies
Performance |
| Timeline |
| AstroNova |
| SENSIO Technologies |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
AstroNova and SENSIO Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AstroNova and SENSIO Technologies
The main advantage of trading using opposite AstroNova and SENSIO Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AstroNova position performs unexpectedly, SENSIO Technologies 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 SENSIO Technologies will offset losses from the drop in SENSIO Technologies' long position.| AstroNova vs. Key Tronic | AstroNova vs. Identiv | AstroNova vs. Red Cat Holdings | AstroNova vs. TransAct Technologies Incorporated |
| SENSIO Technologies vs. Iiot Oxys | SENSIO Technologies vs. AstroNova | SENSIO Technologies vs. Red Cat Holdings | SENSIO Technologies vs. IONQ Inc |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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