Correlation Between Montauk Renewables and Astoria Financial
Can any of the company-specific risk be diversified away by investing in both Montauk Renewables 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 Montauk Renewables and Astoria Financial into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Montauk Renewables and Astoria Financial Corp, you can compare the effects of market volatilities on Montauk Renewables 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 Montauk Renewables with a short position of Astoria Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Montauk Renewables and Astoria Financial.
Diversification Opportunities for Montauk Renewables and Astoria Financial
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Montauk and Astoria is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Montauk Renewables 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 Montauk Renewables 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 Montauk Renewables 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 Montauk Renewables i.e., Montauk Renewables and Astoria Financial go up and down completely randomly.
Pair Corralation between Montauk Renewables and Astoria Financial
If you would invest (100.00) in Astoria Financial Corp on September 12, 2024 and sell it today you would earn a total of 100.00 from holding Astoria Financial Corp or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Montauk Renewables vs. Astoria Financial Corp
Performance |
| Timeline |
| Montauk Renewables |
| Astoria Financial Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Montauk Renewables and Astoria Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Montauk Renewables and Astoria Financial
The main advantage of trading using opposite Montauk Renewables and Astoria Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Montauk Renewables 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.| Montauk Renewables vs. Avista | Montauk Renewables vs. Allete Inc | Montauk Renewables vs. Black Hills | Montauk Renewables vs. Companhia Paranaense de |
| Astoria Financial vs. Montauk Renewables | Astoria Financial vs. Sun Life Financial | Astoria Financial vs. MagnaChip Semiconductor | Astoria Financial vs. Integrated Drilling Equipment |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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