Correlation Between AST SpaceMobile and Payoneer Global
Can any of the company-specific risk be diversified away by investing in both AST SpaceMobile and Payoneer Global 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 Payoneer Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AST SpaceMobile and Payoneer Global Warrant, you can compare the effects of market volatilities on AST SpaceMobile and Payoneer Global 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 Payoneer Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of AST SpaceMobile and Payoneer Global.
Diversification Opportunities for AST SpaceMobile and Payoneer Global
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between AST and Payoneer is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding AST SpaceMobile and Payoneer Global Warrant in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Payoneer Global Warrant 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 Payoneer Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Payoneer Global Warrant has no effect on the direction of AST SpaceMobile i.e., AST SpaceMobile and Payoneer Global go up and down completely randomly.
Pair Corralation between AST SpaceMobile and Payoneer Global
Assuming the 90 days horizon AST SpaceMobile is expected to generate 1.61 times more return on investment than Payoneer Global. However, AST SpaceMobile is 1.61 times more volatile than Payoneer Global Warrant. It trades about 0.13 of its potential returns per unit of risk. Payoneer Global Warrant is currently generating about 0.08 per unit of risk. If you would invest 101.00 in AST SpaceMobile on August 24, 2024 and sell it today you would earn a total of 1,248 from holding AST SpaceMobile or generate 1235.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 94.79% |
| Values | Daily Returns |
AST SpaceMobile vs. Payoneer Global Warrant
Performance |
| Timeline |
| AST SpaceMobile |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Payoneer Global Warrant |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
AST SpaceMobile and Payoneer Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AST SpaceMobile and Payoneer Global
The main advantage of trading using opposite AST SpaceMobile and Payoneer Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AST SpaceMobile position performs unexpectedly, Payoneer Global 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 Payoneer Global will offset losses from the drop in Payoneer Global'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 |
| Payoneer Global vs. Payoneer Global | Payoneer Global vs. Katapult Holdings Equity | Payoneer Global vs. Origin Materials Warrant | Payoneer Global vs. AvePoint |
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 Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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