Correlation Between Altimar Acquisition and Golden Star
Can any of the company-specific risk be diversified away by investing in both Altimar Acquisition and Golden Star 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 Golden Star 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 Golden Star Acquisition, you can compare the effects of market volatilities on Altimar Acquisition and Golden Star 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 Golden Star. Check out your portfolio center. Please also check ongoing floating volatility patterns of Altimar Acquisition and Golden Star.
Diversification Opportunities for Altimar Acquisition and Golden Star
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Altimar and Golden is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Altimar Acquisition Corp and Golden Star Acquisition in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Golden Star Acquisition 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 Golden Star. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Golden Star Acquisition has no effect on the direction of Altimar Acquisition i.e., Altimar Acquisition and Golden Star go up and down completely randomly.
Pair Corralation between Altimar Acquisition and Golden Star
If you would invest 1,149 in Golden Star Acquisition on October 25, 2024 and sell it today you would earn a total of 137.00 from holding Golden Star Acquisition or generate 11.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 5.26% |
| Values | Daily Returns |
Altimar Acquisition Corp vs. Golden Star Acquisition
Performance |
| Timeline |
| Altimar Acquisition Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Golden Star Acquisition |
Altimar Acquisition and Golden Star Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Altimar Acquisition and Golden Star
The main advantage of trading using opposite Altimar Acquisition and Golden Star positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Altimar Acquisition position performs unexpectedly, Golden Star 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 Golden Star will offset losses from the drop in Golden Star's long position.| Altimar Acquisition vs. Primoris Services | Altimar Acquisition vs. Diamond Estates Wines | Altimar Acquisition vs. Hurco Companies | Altimar Acquisition vs. Treasury Wine Estates |
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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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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