Correlation Between Altimar Acquisition and Azure Holding
Can any of the company-specific risk be diversified away by investing in both Altimar Acquisition and Azure Holding 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 Altimar Acquisition and Azure Holding into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Altimar Acquisition Corp and Azure Holding Group, you can compare the effects of market volatilities on Altimar Acquisition and Azure Holding 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 Altimar Acquisition with a short position of Azure Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Altimar Acquisition and Azure Holding.
Diversification Opportunities for Altimar Acquisition and Azure Holding
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Altimar and Azure is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Altimar Acquisition Corp and Azure Holding Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Azure Holding Group and Altimar Acquisition 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 Altimar Acquisition Corp are associated (or correlated) with Azure Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Azure Holding Group has no effect on the direction of Altimar Acquisition i.e., Altimar Acquisition and Azure Holding go up and down completely randomly.
Pair Corralation between Altimar Acquisition and Azure Holding
If you would invest 24.00 in Azure Holding Group on October 30, 2024 and sell it today you would lose (8.00) from holding Azure Holding Group or give up 33.33% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 2.63% |
| Values | Daily Returns |
Altimar Acquisition Corp vs. Azure Holding Group
Performance |
| Timeline |
| Altimar Acquisition Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Azure Holding Group |
Altimar Acquisition and Azure Holding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Altimar Acquisition and Azure Holding
The main advantage of trading using opposite Altimar Acquisition and Azure Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Altimar Acquisition position performs unexpectedly, Azure Holding 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 Azure Holding will offset losses from the drop in Azure Holding's long position.| Altimar Acquisition vs. Willis Lease Finance | Altimar Acquisition vs. Catalyst Pharmaceuticals | Altimar Acquisition vs. Global Net Lease | Altimar Acquisition vs. Willscot Mobile Mini |
| Azure Holding vs. Keurig Dr Pepper | Azure Holding vs. Emerson Radio | Azure Holding vs. Ubisoft Entertainment | Azure Holding vs. Mediag3 |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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