Correlation Between ASTORIA INVESTMENT and PLASTIC INDUSTRY
Can any of the company-specific risk be diversified away by investing in both ASTORIA INVESTMENT and PLASTIC INDUSTRY 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 PLASTIC INDUSTRY 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 PLASTIC INDUSTRY LTD, you can compare the effects of market volatilities on ASTORIA INVESTMENT and PLASTIC INDUSTRY 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 PLASTIC INDUSTRY. Check out your portfolio center. Please also check ongoing floating volatility patterns of ASTORIA INVESTMENT and PLASTIC INDUSTRY.
Diversification Opportunities for ASTORIA INVESTMENT and PLASTIC INDUSTRY
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between ASTORIA and PLASTIC is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ASTORIA INVESTMENT LTD and PLASTIC INDUSTRY LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PLASTIC INDUSTRY 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 PLASTIC INDUSTRY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PLASTIC INDUSTRY LTD has no effect on the direction of ASTORIA INVESTMENT i.e., ASTORIA INVESTMENT and PLASTIC INDUSTRY go up and down completely randomly.
Pair Corralation between ASTORIA INVESTMENT and PLASTIC INDUSTRY
If you would invest 32.00 in ASTORIA INVESTMENT LTD on August 28, 2024 and sell it today you would earn a total of 0.00 from holding ASTORIA INVESTMENT LTD or generate 0.0% 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. PLASTIC INDUSTRY LTD
Performance |
| Timeline |
| ASTORIA INVESTMENT LTD |
| PLASTIC INDUSTRY LTD |
ASTORIA INVESTMENT and PLASTIC INDUSTRY Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ASTORIA INVESTMENT and PLASTIC INDUSTRY
The main advantage of trading using opposite ASTORIA INVESTMENT and PLASTIC INDUSTRY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ASTORIA INVESTMENT position performs unexpectedly, PLASTIC INDUSTRY 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 PLASTIC INDUSTRY will offset losses from the drop in PLASTIC INDUSTRY'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 |
| PLASTIC INDUSTRY vs. MCB GROUP LTD | PLASTIC INDUSTRY vs. LOTTOTECH LTD | PLASTIC INDUSTRY vs. NEW MAURITIUS HOTELS | PLASTIC INDUSTRY 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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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