Correlation Between Intuitive Machines and Astra Space
Can any of the company-specific risk be diversified away by investing in both Intuitive Machines 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 Intuitive Machines and Astra Space into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Intuitive Machines and Astra Space, you can compare the effects of market volatilities on Intuitive Machines 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 Intuitive Machines with a short position of Astra Space. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intuitive Machines and Astra Space.
Diversification Opportunities for Intuitive Machines and Astra Space
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Intuitive and Astra is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding Intuitive Machines and Astra Space in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Astra Space and Intuitive Machines 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 Intuitive Machines 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 Intuitive Machines i.e., Intuitive Machines and Astra Space go up and down completely randomly.
Pair Corralation between Intuitive Machines and Astra Space
If you would invest 807.00 in Intuitive Machines on August 24, 2024 and sell it today you would earn a total of 593.00 from holding Intuitive Machines or generate 73.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 4.35% |
| Values | Daily Returns |
Intuitive Machines vs. Astra Space
Performance |
| Timeline |
| Intuitive Machines |
| Astra Space |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Intuitive Machines and Astra Space Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intuitive Machines and Astra Space
The main advantage of trading using opposite Intuitive Machines and Astra Space positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intuitive Machines 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.| Intuitive Machines vs. Redwire Corp | Intuitive Machines vs. Sidus Space | Intuitive Machines vs. Rocket Lab USA | Intuitive Machines vs. Momentus |
| 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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
Other Complementary Tools
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |