Correlation Between Astoria Investments and Omnia Holdings
Can any of the company-specific risk be diversified away by investing in both Astoria Investments and Omnia Holdings 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 Omnia Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Astoria Investments and Omnia Holdings Limited, you can compare the effects of market volatilities on Astoria Investments and Omnia Holdings 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 Omnia Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astoria Investments and Omnia Holdings.
Diversification Opportunities for Astoria Investments and Omnia Holdings
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Astoria and Omnia is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding Astoria Investments and Omnia Holdings Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Omnia Holdings 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 Omnia Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Omnia Holdings has no effect on the direction of Astoria Investments i.e., Astoria Investments and Omnia Holdings go up and down completely randomly.
Pair Corralation between Astoria Investments and Omnia Holdings
If you would invest 661,300 in Omnia Holdings Limited on September 3, 2024 and sell it today you would earn a total of 67,800 from holding Omnia Holdings Limited or generate 10.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Astoria Investments vs. Omnia Holdings Limited
Performance |
| Timeline |
| Astoria Investments |
| Omnia Holdings |
Astoria Investments and Omnia Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Astoria Investments and Omnia Holdings
The main advantage of trading using opposite Astoria Investments and Omnia Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Astoria Investments position performs unexpectedly, Omnia Holdings 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 Omnia Holdings will offset losses from the drop in Omnia Holdings' long position.| Astoria Investments vs. Deneb Investments | Astoria Investments vs. HomeChoice Investments | Astoria Investments vs. Afine Investments | Astoria Investments vs. Brimstone Investment |
| Omnia Holdings vs. Afine Investments | Omnia Holdings vs. Capitec Bank Holdings | Omnia Holdings vs. Safari Investments RSA | Omnia Holdings vs. Astoria Investments |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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