Correlation Between Astrana Health and Kuya Silver
Can any of the company-specific risk be diversified away by investing in both Astrana Health and Kuya Silver 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 Astrana Health and Kuya Silver into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Astrana Health and Kuya Silver, you can compare the effects of market volatilities on Astrana Health and Kuya Silver 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 Astrana Health with a short position of Kuya Silver. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astrana Health and Kuya Silver.
Diversification Opportunities for Astrana Health and Kuya Silver
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Astrana and Kuya is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Astrana Health and Kuya Silver in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kuya Silver and Astrana Health 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 Astrana Health are associated (or correlated) with Kuya Silver. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kuya Silver has no effect on the direction of Astrana Health i.e., Astrana Health and Kuya Silver go up and down completely randomly.
Pair Corralation between Astrana Health and Kuya Silver
Given the investment horizon of 90 days Astrana Health is expected to under-perform the Kuya Silver. But the stock apears to be less risky and, when comparing its historical volatility, Astrana Health is 1.5 times less risky than Kuya Silver. The stock trades about -0.05 of its potential returns per unit of risk. The Kuya Silver is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 25.00 in Kuya Silver on November 3, 2024 and sell it today you would lose (2.00) from holding Kuya Silver or give up 8.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 99.2% |
| Values | Daily Returns |
Astrana Health vs. Kuya Silver
Performance |
| Timeline |
| Astrana Health |
| Kuya Silver |
Astrana Health and Kuya Silver Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Astrana Health and Kuya Silver
The main advantage of trading using opposite Astrana Health and Kuya Silver positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Astrana Health position performs unexpectedly, Kuya Silver 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 Kuya Silver will offset losses from the drop in Kuya Silver's long position.| Astrana Health vs. Alto Neuroscience, | Astrana Health vs. Evertz Technologies Limited | Astrana Health vs. Snap On | Astrana Health vs. Newell Brands |
| Kuya Silver vs. Bald Eagle Gold | Kuya Silver vs. Arizona Silver Exploration | Kuya Silver vs. Silver One Resources | Kuya Silver vs. Discovery Metals Corp |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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