Correlation Between AST SpaceMobile and Los Andes
Can any of the company-specific risk be diversified away by investing in both AST SpaceMobile and Los Andes 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 Los Andes into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AST SpaceMobile and Los Andes Copper, you can compare the effects of market volatilities on AST SpaceMobile and Los Andes 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 Los Andes. Check out your portfolio center. Please also check ongoing floating volatility patterns of AST SpaceMobile and Los Andes.
Diversification Opportunities for AST SpaceMobile and Los Andes
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between AST and Los is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding AST SpaceMobile and Los Andes Copper in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Los Andes Copper 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 Los Andes. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Los Andes Copper has no effect on the direction of AST SpaceMobile i.e., AST SpaceMobile and Los Andes go up and down completely randomly.
Pair Corralation between AST SpaceMobile and Los Andes
Assuming the 90 days horizon AST SpaceMobile is expected to generate 7.29 times more return on investment than Los Andes. However, AST SpaceMobile is 7.29 times more volatile than Los Andes Copper. It trades about 0.21 of its potential returns per unit of risk. Los Andes Copper is currently generating about -0.04 per unit of risk. If you would invest 38.00 in AST SpaceMobile on September 3, 2024 and sell it today you would earn a total of 1,311 from holding AST SpaceMobile or generate 3450.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 73.49% |
| Values | Daily Returns |
AST SpaceMobile vs. Los Andes Copper
Performance |
| Timeline |
| AST SpaceMobile |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Los Andes Copper |
AST SpaceMobile and Los Andes Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AST SpaceMobile and Los Andes
The main advantage of trading using opposite AST SpaceMobile and Los Andes positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AST SpaceMobile position performs unexpectedly, Los Andes 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 Los Andes will offset losses from the drop in Los Andes' 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 |
| Los Andes vs. World Copper | Los Andes vs. QC Copper and | Los Andes vs. Hot Chili Limited | Los Andes vs. Three Valley Copper |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
Other Complementary Tools
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data |