Correlation Between Astralis and Celtic Plc
Can any of the company-specific risk be diversified away by investing in both Astralis and Celtic Plc 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 Astralis and Celtic Plc into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Astralis AS and Celtic plc, you can compare the effects of market volatilities on Astralis and Celtic Plc 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 Astralis with a short position of Celtic Plc. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astralis and Celtic Plc.
Diversification Opportunities for Astralis and Celtic Plc
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Astralis and Celtic is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Astralis AS and Celtic plc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Celtic plc and Astralis 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 Astralis AS are associated (or correlated) with Celtic Plc. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Celtic plc has no effect on the direction of Astralis i.e., Astralis and Celtic Plc go up and down completely randomly.
Pair Corralation between Astralis and Celtic Plc
If you would invest 185.00 in Celtic plc on August 29, 2024 and sell it today you would earn a total of 14.00 from holding Celtic plc or generate 7.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.35% |
| Values | Daily Returns |
Astralis AS vs. Celtic plc
Performance |
| Timeline |
| Astralis AS |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Celtic plc |
Astralis and Celtic Plc Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Astralis and Celtic Plc
The main advantage of trading using opposite Astralis and Celtic Plc positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Astralis position performs unexpectedly, Celtic Plc 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 Celtic Plc will offset losses from the drop in Celtic Plc's long position.| Astralis vs. New Wave Holdings | Astralis vs. Guild Esports Plc | Astralis vs. Network Media Group | Astralis vs. Celtic plc |
| Celtic Plc vs. Warner Music Group | Celtic Plc vs. Live Nation Entertainment | Celtic Plc vs. Atlanta Braves Holdings, | Celtic Plc vs. Warner Bros Discovery |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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