Correlation Between Astoria Investments and Nampak
Can any of the company-specific risk be diversified away by investing in both Astoria Investments and Nampak 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 Nampak into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Astoria Investments and Nampak, you can compare the effects of market volatilities on Astoria Investments and Nampak 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 Nampak. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astoria Investments and Nampak.
Diversification Opportunities for Astoria Investments and Nampak
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Astoria and Nampak is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Astoria Investments and Nampak in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nampak 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 Nampak. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nampak has no effect on the direction of Astoria Investments i.e., Astoria Investments and Nampak go up and down completely randomly.
Pair Corralation between Astoria Investments and Nampak
If you would invest 81,500 in Astoria Investments on September 2, 2024 and sell it today you would earn a total of 1,000.00 from holding Astoria Investments or generate 1.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 1.56% |
| Values | Daily Returns |
Astoria Investments vs. Nampak
Performance |
| Timeline |
| Astoria Investments |
| Nampak |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Astoria Investments and Nampak Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Astoria Investments and Nampak
The main advantage of trading using opposite Astoria Investments and Nampak positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Astoria Investments position performs unexpectedly, Nampak 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 Nampak will offset losses from the drop in Nampak's long position.| Astoria Investments vs. Zeder Investments | Astoria Investments vs. Sabvest Capital | Astoria Investments vs. Universal Partners |
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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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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