Correlation Between ASTRA INTERNATIONAL and KSB SE
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By analyzing existing cross correlation between ASTRA INTERNATIONAL and KSB SE Co, you can compare the effects of market volatilities on ASTRA INTERNATIONAL and KSB SE 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 KSB SE. Check out your portfolio center. Please also check ongoing floating volatility patterns of ASTRA INTERNATIONAL and KSB SE.
Diversification Opportunities for ASTRA INTERNATIONAL and KSB SE
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between ASTRA and KSB is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding ASTRA INTERNATIONAL and KSB SE Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KSB SE 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 KSB SE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KSB SE has no effect on the direction of ASTRA INTERNATIONAL i.e., ASTRA INTERNATIONAL and KSB SE go up and down completely randomly.
Pair Corralation between ASTRA INTERNATIONAL and KSB SE
Assuming the 90 days trading horizon ASTRA INTERNATIONAL is expected to generate 3.62 times more return on investment than KSB SE. However, ASTRA INTERNATIONAL is 3.62 times more volatile than KSB SE Co. It trades about 0.03 of its potential returns per unit of risk. KSB SE Co is currently generating about 0.05 per unit of risk. If you would invest 29.00 in ASTRA INTERNATIONAL on September 2, 2024 and sell it today you would earn a total of 1.00 from holding ASTRA INTERNATIONAL or generate 3.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
ASTRA INTERNATIONAL vs. KSB SE Co
Performance |
| Timeline |
| ASTRA INTERNATIONAL |
| KSB SE |
ASTRA INTERNATIONAL and KSB SE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ASTRA INTERNATIONAL and KSB SE
The main advantage of trading using opposite ASTRA INTERNATIONAL and KSB SE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ASTRA INTERNATIONAL position performs unexpectedly, KSB SE 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 KSB SE will offset losses from the drop in KSB SE's long position.| ASTRA INTERNATIONAL vs. Pure Storage | ASTRA INTERNATIONAL vs. National Storage Affiliates | ASTRA INTERNATIONAL vs. TELES Informationstechnologien AG | ASTRA INTERNATIONAL vs. MAVEN WIRELESS SWEDEN |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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