Correlation Between ASTRA INTERNATIONAL and AMP
Can any of the company-specific risk be diversified away by investing in both ASTRA INTERNATIONAL and AMP 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 ASTRA INTERNATIONAL and AMP into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ASTRA INTERNATIONAL and AMP, you can compare the effects of market volatilities on ASTRA INTERNATIONAL and AMP 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 ASTRA INTERNATIONAL with a short position of AMP. Check out your portfolio center. Please also check ongoing floating volatility patterns of ASTRA INTERNATIONAL and AMP.
Diversification Opportunities for ASTRA INTERNATIONAL and AMP
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between ASTRA and AMP is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ASTRA INTERNATIONAL and AMP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AMP and ASTRA INTERNATIONAL 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 ASTRA INTERNATIONAL are associated (or correlated) with AMP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AMP has no effect on the direction of ASTRA INTERNATIONAL i.e., ASTRA INTERNATIONAL and AMP go up and down completely randomly.
Pair Corralation between ASTRA INTERNATIONAL and AMP
If you would invest 30.00 in ASTRA INTERNATIONAL on September 12, 2024 and sell it today you would earn a total of 3.00 from holding ASTRA INTERNATIONAL or generate 10.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
ASTRA INTERNATIONAL vs. AMP
Performance |
| Timeline |
| ASTRA INTERNATIONAL |
| AMP |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
OK
ASTRA INTERNATIONAL and AMP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ASTRA INTERNATIONAL and AMP
The main advantage of trading using opposite ASTRA INTERNATIONAL and AMP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ASTRA INTERNATIONAL position performs unexpectedly, AMP 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 AMP will offset losses from the drop in AMP's long position.| ASTRA INTERNATIONAL vs. Gold Road Resources | ASTRA INTERNATIONAL vs. Eidesvik Offshore ASA | ASTRA INTERNATIONAL vs. EIDESVIK OFFSHORE NK | ASTRA INTERNATIONAL vs. CSSC Offshore Marine |
| AMP vs. STRAYER EDUCATION | AMP vs. STMicroelectronics NV | AMP vs. American Public Education | AMP vs. KIMBALL ELECTRONICS |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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