Correlation Between AST SpaceMobile and Xos Equity
Can any of the company-specific risk be diversified away by investing in both AST SpaceMobile and Xos Equity 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 Xos Equity into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AST SpaceMobile and Xos Equity Warrants, you can compare the effects of market volatilities on AST SpaceMobile and Xos Equity 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 Xos Equity. Check out your portfolio center. Please also check ongoing floating volatility patterns of AST SpaceMobile and Xos Equity.
Diversification Opportunities for AST SpaceMobile and Xos Equity
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between AST and Xos is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding AST SpaceMobile and Xos Equity Warrants in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xos Equity Warrants 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 Xos Equity. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xos Equity Warrants has no effect on the direction of AST SpaceMobile i.e., AST SpaceMobile and Xos Equity go up and down completely randomly.
Pair Corralation between AST SpaceMobile and Xos Equity
If you would invest 1,349 in AST SpaceMobile on August 28, 2024 and sell it today you would earn a total of 0.00 from holding AST SpaceMobile or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
AST SpaceMobile vs. Xos Equity Warrants
Performance |
| Timeline |
| AST SpaceMobile |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Xos Equity Warrants |
AST SpaceMobile and Xos Equity Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AST SpaceMobile and Xos Equity
The main advantage of trading using opposite AST SpaceMobile and Xos Equity positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AST SpaceMobile position performs unexpectedly, Xos Equity 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 Xos Equity will offset losses from the drop in Xos Equity'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 |
| Xos Equity vs. Microvast Holdings | Xos Equity vs. EVgo Equity Warrants | Xos Equity vs. Faraday Future Intelligent | Xos Equity vs. Xos Inc |
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.
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