Correlation Between Cable One and AST SpaceMobile
Can any of the company-specific risk be diversified away by investing in both Cable One and AST SpaceMobile 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 Cable One and AST SpaceMobile into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cable One and AST SpaceMobile, you can compare the effects of market volatilities on Cable One and AST SpaceMobile 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 Cable One with a short position of AST SpaceMobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cable One and AST SpaceMobile.
Diversification Opportunities for Cable One and AST SpaceMobile
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Cable and AST is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Cable One and AST SpaceMobile in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AST SpaceMobile and Cable One 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 Cable One are associated (or correlated) with AST SpaceMobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AST SpaceMobile has no effect on the direction of Cable One i.e., Cable One and AST SpaceMobile go up and down completely randomly.
Pair Corralation between Cable One and AST SpaceMobile
If you would invest 33,689 in Cable One on August 31, 2024 and sell it today you would earn a total of 8,268 from holding Cable One or generate 24.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 4.55% |
| Values | Daily Returns |
Cable One vs. AST SpaceMobile
Performance |
| Timeline |
| Cable One |
| AST SpaceMobile |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Cable One and AST SpaceMobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cable One and AST SpaceMobile
The main advantage of trading using opposite Cable One and AST SpaceMobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cable One position performs unexpectedly, AST SpaceMobile 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 AST SpaceMobile will offset losses from the drop in AST SpaceMobile's long position.| Cable One vs. Liberty Broadband Srs | Cable One vs. Liberty Broadband Corp | Cable One vs. Telkom Indonesia Tbk | Cable One vs. Liberty Global PLC |
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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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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