Correlation Between ASTORIA INVESTMENT and PHOENIX BEVERAGES
Can any of the company-specific risk be diversified away by investing in both ASTORIA INVESTMENT and PHOENIX BEVERAGES 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 ASTORIA INVESTMENT and PHOENIX BEVERAGES into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ASTORIA INVESTMENT LTD and PHOENIX BEVERAGES LTD, you can compare the effects of market volatilities on ASTORIA INVESTMENT and PHOENIX BEVERAGES 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 ASTORIA INVESTMENT with a short position of PHOENIX BEVERAGES. Check out your portfolio center. Please also check ongoing floating volatility patterns of ASTORIA INVESTMENT and PHOENIX BEVERAGES.
Diversification Opportunities for ASTORIA INVESTMENT and PHOENIX BEVERAGES
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between ASTORIA and PHOENIX is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ASTORIA INVESTMENT LTD and PHOENIX BEVERAGES LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PHOENIX BEVERAGES LTD and ASTORIA INVESTMENT 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 ASTORIA INVESTMENT LTD are associated (or correlated) with PHOENIX BEVERAGES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PHOENIX BEVERAGES LTD has no effect on the direction of ASTORIA INVESTMENT i.e., ASTORIA INVESTMENT and PHOENIX BEVERAGES go up and down completely randomly.
Pair Corralation between ASTORIA INVESTMENT and PHOENIX BEVERAGES
If you would invest 49,600 in PHOENIX BEVERAGES LTD on August 27, 2024 and sell it today you would earn a total of 3,900 from holding PHOENIX BEVERAGES LTD or generate 7.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
ASTORIA INVESTMENT LTD vs. PHOENIX BEVERAGES LTD
Performance |
| Timeline |
| ASTORIA INVESTMENT LTD |
| PHOENIX BEVERAGES LTD |
ASTORIA INVESTMENT and PHOENIX BEVERAGES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ASTORIA INVESTMENT and PHOENIX BEVERAGES
The main advantage of trading using opposite ASTORIA INVESTMENT and PHOENIX BEVERAGES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ASTORIA INVESTMENT position performs unexpectedly, PHOENIX BEVERAGES 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 PHOENIX BEVERAGES will offset losses from the drop in PHOENIX BEVERAGES's long position.| ASTORIA INVESTMENT vs. MCB GROUP LTD | ASTORIA INVESTMENT vs. LOTTOTECH LTD | ASTORIA INVESTMENT vs. NEW MAURITIUS HOTELS | ASTORIA INVESTMENT vs. MIWA SUGAR LIMITED |
| PHOENIX BEVERAGES vs. MCB GROUP LTD | PHOENIX BEVERAGES vs. LOTTOTECH LTD | PHOENIX BEVERAGES vs. NEW MAURITIUS HOTELS | PHOENIX BEVERAGES vs. MIWA SUGAR LIMITED |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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