Correlation Between FS KKR and Astra Space
Can any of the company-specific risk be diversified away by investing in both FS KKR and Astra Space 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 FS KKR and Astra Space into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between FS KKR Capital and Astra Space, you can compare the effects of market volatilities on FS KKR and Astra Space 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 FS KKR with a short position of Astra Space. Check out your portfolio center. Please also check ongoing floating volatility patterns of FS KKR and Astra Space.
Diversification Opportunities for FS KKR and Astra Space
-0.66 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between FSK and Astra is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding FS KKR Capital and Astra Space in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Astra Space and FS KKR 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 FS KKR Capital are associated (or correlated) with Astra Space. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Astra Space has no effect on the direction of FS KKR i.e., FS KKR and Astra Space go up and down completely randomly.
Pair Corralation between FS KKR and Astra Space
If you would invest 2,205 in FS KKR Capital on November 2, 2024 and sell it today you would earn a total of 106.00 from holding FS KKR Capital or generate 4.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 5.26% |
| Values | Daily Returns |
FS KKR Capital vs. Astra Space
Performance |
| Timeline |
| FS KKR Capital |
| Astra Space |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
FS KKR and Astra Space Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FS KKR and Astra Space
The main advantage of trading using opposite FS KKR and Astra Space positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FS KKR position performs unexpectedly, Astra Space 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 Astra Space will offset losses from the drop in Astra Space's long position.| FS KKR vs. BlackRock TCP Capital | FS KKR vs. Triplepoint Venture Growth | FS KKR vs. Sixth Street Specialty | FS KKR vs. Golub Capital BDC |
| Astra Space vs. Virgin Galactic Holdings | Astra Space vs. Planet Labs PBC | Astra Space vs. Eve Holding | Astra Space vs. Redwire Corp |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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