Correlation Between Kalera Public and Astra Agro
Can any of the company-specific risk be diversified away by investing in both Kalera Public and Astra Agro 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 Kalera Public and Astra Agro into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kalera Public Limited and Astra Agro Lestari, you can compare the effects of market volatilities on Kalera Public and Astra Agro 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 Kalera Public with a short position of Astra Agro. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kalera Public and Astra Agro.
Diversification Opportunities for Kalera Public and Astra Agro
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Kalera and Astra is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Kalera Public Limited and Astra Agro Lestari in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Astra Agro Lestari and Kalera Public 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 Kalera Public Limited are associated (or correlated) with Astra Agro. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Astra Agro Lestari has no effect on the direction of Kalera Public i.e., Kalera Public and Astra Agro go up and down completely randomly.
Pair Corralation between Kalera Public and Astra Agro
If you would invest 179.00 in Astra Agro Lestari on August 24, 2024 and sell it today you would earn a total of 0.00 from holding Astra Agro Lestari or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Kalera Public Limited vs. Astra Agro Lestari
Performance |
| Timeline |
| Kalera Public Limited |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Astra Agro Lestari |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Kalera Public and Astra Agro Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kalera Public and Astra Agro
The main advantage of trading using opposite Kalera Public and Astra Agro positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kalera Public position performs unexpectedly, Astra Agro 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 Agro will offset losses from the drop in Astra Agro's long position.| Kalera Public vs. Griffon | Kalera Public vs. Inhibrx | Kalera Public vs. GMS Inc | Kalera Public vs. Consol Energy |
| Astra Agro vs. Forafric Global PLC | Astra Agro vs. Forafric Global PLC | Astra Agro vs. Australian Agricultural | Astra Agro vs. Limoneira Co |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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