Correlation Between Beyond Meat and Astoria Financial
Can any of the company-specific risk be diversified away by investing in both Beyond Meat 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 Beyond Meat and Astoria Financial into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Beyond Meat and Astoria Financial Corp, you can compare the effects of market volatilities on Beyond Meat 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 Beyond Meat with a short position of Astoria Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beyond Meat and Astoria Financial.
Diversification Opportunities for Beyond Meat and Astoria Financial
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Beyond and Astoria is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Beyond Meat 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 Beyond Meat 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 Beyond Meat 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 Beyond Meat i.e., Beyond Meat and Astoria Financial go up and down completely randomly.
Pair Corralation between Beyond Meat and Astoria Financial
If you would invest (100.00) in Astoria Financial Corp on September 5, 2024 and sell it today you would earn a total of 100.00 from holding Astoria Financial Corp or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Beyond Meat vs. Astoria Financial Corp
Performance |
| Timeline |
| Beyond Meat |
| Astoria Financial Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Beyond Meat and Astoria Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beyond Meat and Astoria Financial
The main advantage of trading using opposite Beyond Meat and Astoria Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beyond Meat 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.| Beyond Meat vs. Kraft Heinz Co | Beyond Meat vs. Hormel Foods | Beyond Meat vs. Kellanova | Beyond Meat vs. General Mills |
| Astoria Financial vs. Hf Foods Group | Astoria Financial vs. Beyond Meat | Astoria Financial vs. Boot Barn Holdings | Astoria Financial vs. Ross Stores |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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