Correlation Between AST SpaceMobile and Eco Tek
Can any of the company-specific risk be diversified away by investing in both AST SpaceMobile and Eco Tek 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 AST SpaceMobile and Eco Tek into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AST SpaceMobile and Eco Tek Group, you can compare the effects of market volatilities on AST SpaceMobile and Eco Tek 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 AST SpaceMobile with a short position of Eco Tek. Check out your portfolio center. Please also check ongoing floating volatility patterns of AST SpaceMobile and Eco Tek.
Diversification Opportunities for AST SpaceMobile and Eco Tek
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between AST and Eco is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding AST SpaceMobile and Eco Tek Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eco Tek Group and AST SpaceMobile 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 AST SpaceMobile are associated (or correlated) with Eco Tek. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eco Tek Group has no effect on the direction of AST SpaceMobile i.e., AST SpaceMobile and Eco Tek go up and down completely randomly.
Pair Corralation between AST SpaceMobile and Eco Tek
If you would invest 0.02 in Eco Tek Group on September 1, 2024 and sell it today you would earn a total of 0.00 from holding Eco Tek Group or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
AST SpaceMobile vs. Eco Tek Group
Performance |
| Timeline |
| AST SpaceMobile |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Eco Tek Group |
AST SpaceMobile and Eco Tek Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AST SpaceMobile and Eco Tek
The main advantage of trading using opposite AST SpaceMobile and Eco Tek positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AST SpaceMobile position performs unexpectedly, Eco Tek 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 Eco Tek will offset losses from the drop in Eco Tek's long position.| AST SpaceMobile vs. Origin Materials Warrant | AST SpaceMobile vs. Ast Spacemobile | AST SpaceMobile vs. Paysafe Ltd Wt | AST SpaceMobile vs. EVgo Equity Warrants |
| Eco Tek vs. South32 Limited | Eco Tek vs. NioCorp Developments Ltd | Eco Tek vs. HUMANA INC | Eco Tek vs. SCOR PK |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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