Correlation Between Astoria Investments and Hosken Consolidated
Can any of the company-specific risk be diversified away by investing in both Astoria Investments and Hosken Consolidated 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 Astoria Investments and Hosken Consolidated into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Astoria Investments and Hosken Consolidated Investments, you can compare the effects of market volatilities on Astoria Investments and Hosken Consolidated 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 Astoria Investments with a short position of Hosken Consolidated. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astoria Investments and Hosken Consolidated.
Diversification Opportunities for Astoria Investments and Hosken Consolidated
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Astoria and Hosken is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding Astoria Investments and Hosken Consolidated Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hosken Consolidated and Astoria Investments 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 Astoria Investments are associated (or correlated) with Hosken Consolidated. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hosken Consolidated has no effect on the direction of Astoria Investments i.e., Astoria Investments and Hosken Consolidated go up and down completely randomly.
Pair Corralation between Astoria Investments and Hosken Consolidated
Assuming the 90 days trading horizon Astoria Investments is expected to generate 2.24 times more return on investment than Hosken Consolidated. However, Astoria Investments is 2.24 times more volatile than Hosken Consolidated Investments. It trades about 0.02 of its potential returns per unit of risk. Hosken Consolidated Investments is currently generating about 0.01 per unit of risk. If you would invest 75,000 in Astoria Investments on October 21, 2024 and sell it today you would earn a total of 10,000 from holding Astoria Investments or generate 13.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Astoria Investments vs. Hosken Consolidated Investment
Performance |
| Timeline |
| Astoria Investments |
| Hosken Consolidated |
Astoria Investments and Hosken Consolidated Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Astoria Investments and Hosken Consolidated
The main advantage of trading using opposite Astoria Investments and Hosken Consolidated positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Astoria Investments position performs unexpectedly, Hosken Consolidated 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 Hosken Consolidated will offset losses from the drop in Hosken Consolidated's long position.| Astoria Investments vs. Hosken Consolidated Investments | Astoria Investments vs. Trematon Capital Investments | Astoria Investments vs. Deneb Investments | Astoria Investments vs. RCL Foods |
| Hosken Consolidated vs. City Lodge Hotels | Hosken Consolidated vs. Safari Investments RSA | Hosken Consolidated vs. Zeder Investments | Hosken Consolidated vs. CA Sales Holdings |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
Other Complementary Tools
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges |