Correlation Between Life Time and Astoria Financial
Can any of the company-specific risk be diversified away by investing in both Life Time 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 Life Time and Astoria Financial into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Life Time Group and Astoria Financial Corp, you can compare the effects of market volatilities on Life Time 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 Life Time with a short position of Astoria Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Life Time and Astoria Financial.
Diversification Opportunities for Life Time and Astoria Financial
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Life and Astoria is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Life Time Group 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 Life Time 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 Life Time Group 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 Life Time i.e., Life Time and Astoria Financial go up and down completely randomly.
Pair Corralation between Life Time and Astoria Financial
If you would invest 1,423 in Life Time Group on September 4, 2024 and sell it today you would earn a total of 989.00 from holding Life Time Group or generate 69.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Life Time Group vs. Astoria Financial Corp
Performance |
| Timeline |
| Life Time Group |
| Astoria Financial Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Life Time and Astoria Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Life Time and Astoria Financial
The main advantage of trading using opposite Life Time and Astoria Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Life Time 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.| Life Time vs. Hyatt Hotels | Life Time vs. Smart Share Global | Life Time vs. Sweetgreen | Life Time vs. Wyndham Hotels Resorts |
| Astoria Financial vs. Hurco Companies | Astoria Financial vs. BJs Restaurants | Astoria Financial vs. Western Acquisition Ventures | Astoria Financial vs. Eldorado Gold 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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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