Correlation Between Boot Barn and Astoria Financial
Can any of the company-specific risk be diversified away by investing in both Boot Barn and Astoria Financial 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 Boot Barn and Astoria Financial into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Boot Barn Holdings and Astoria Financial Corp, you can compare the effects of market volatilities on Boot Barn and Astoria Financial 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 Boot Barn with a short position of Astoria Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Boot Barn and Astoria Financial.
Diversification Opportunities for Boot Barn and Astoria Financial
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Boot and Astoria is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Boot Barn Holdings and Astoria Financial Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Astoria Financial Corp and Boot Barn 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 Boot Barn Holdings are associated (or correlated) with Astoria Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Astoria Financial Corp has no effect on the direction of Boot Barn i.e., Boot Barn and Astoria Financial go up and down completely randomly.
Pair Corralation between Boot Barn and Astoria Financial
If you would invest 6,170 in Boot Barn Holdings on September 13, 2024 and sell it today you would earn a total of 8,631 from holding Boot Barn Holdings or generate 139.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Boot Barn Holdings vs. Astoria Financial Corp
Performance |
| Timeline |
| Boot Barn Holdings |
| Astoria Financial Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Boot Barn and Astoria Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Boot Barn and Astoria Financial
The main advantage of trading using opposite Boot Barn and Astoria Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Boot Barn position performs unexpectedly, Astoria Financial 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 Astoria Financial will offset losses from the drop in Astoria Financial's long position.| Boot Barn vs. Ross Stores | Boot Barn vs. Childrens Place | Boot Barn vs. Buckle Inc | Boot Barn vs. Guess Inc |
| Astoria Financial vs. Willamette Valley Vineyards | Astoria Financial vs. Fevertree Drinks Plc | Astoria Financial vs. Global E Online | Astoria Financial vs. Artisan Partners Asset |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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