Correlation Between Astra Space and Draganfly
Can any of the company-specific risk be diversified away by investing in both Astra Space and Draganfly 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 Space and Draganfly into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Astra Space and Draganfly, you can compare the effects of market volatilities on Astra Space and Draganfly 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 Space with a short position of Draganfly. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astra Space and Draganfly.
Diversification Opportunities for Astra Space and Draganfly
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Astra and Draganfly is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Astra Space and Draganfly in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Draganfly and Astra Space 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 Space are associated (or correlated) with Draganfly. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Draganfly has no effect on the direction of Astra Space i.e., Astra Space and Draganfly go up and down completely randomly.
Pair Corralation between Astra Space and Draganfly
If you would invest 54.00 in Astra Space on November 2, 2024 and sell it today you would earn a total of 0.00 from holding Astra Space or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 5.26% |
| Values | Daily Returns |
Astra Space vs. Draganfly
Performance |
| Timeline |
| Astra Space |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Draganfly |
Astra Space and Draganfly Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Astra Space and Draganfly
The main advantage of trading using opposite Astra Space and Draganfly positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Astra Space position performs unexpectedly, Draganfly 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 Draganfly will offset losses from the drop in Draganfly's long position.| Astra Space vs. Virgin Galactic Holdings | Astra Space vs. Planet Labs PBC | Astra Space vs. Eve Holding | Astra Space vs. Redwire Corp |
| Draganfly vs. Lilium NV | Draganfly vs. Archer Aviation | Draganfly vs. Eve Holding | Draganfly vs. Ehang Holdings |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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