Correlation Between NATIONAL INVESTMENT and ASTORIA INVESTMENT
Can any of the company-specific risk be diversified away by investing in both NATIONAL INVESTMENT and ASTORIA INVESTMENT 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 NATIONAL INVESTMENT and ASTORIA INVESTMENT into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between NATIONAL INVESTMENT TRUST and ASTORIA INVESTMENT LTD, you can compare the effects of market volatilities on NATIONAL INVESTMENT and ASTORIA INVESTMENT 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 NATIONAL INVESTMENT with a short position of ASTORIA INVESTMENT. Check out your portfolio center. Please also check ongoing floating volatility patterns of NATIONAL INVESTMENT and ASTORIA INVESTMENT.
Diversification Opportunities for NATIONAL INVESTMENT and ASTORIA INVESTMENT
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between NATIONAL and ASTORIA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding NATIONAL INVESTMENT TRUST and ASTORIA INVESTMENT LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ASTORIA INVESTMENT LTD and NATIONAL INVESTMENT 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 NATIONAL INVESTMENT TRUST are associated (or correlated) with ASTORIA INVESTMENT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ASTORIA INVESTMENT LTD has no effect on the direction of NATIONAL INVESTMENT i.e., NATIONAL INVESTMENT and ASTORIA INVESTMENT go up and down completely randomly.
Pair Corralation between NATIONAL INVESTMENT and ASTORIA INVESTMENT
If you would invest 32.00 in ASTORIA INVESTMENT LTD on November 5, 2024 and sell it today you would earn a total of 0.00 from holding ASTORIA INVESTMENT LTD or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
NATIONAL INVESTMENT TRUST vs. ASTORIA INVESTMENT LTD
Performance |
| Timeline |
| NATIONAL INVESTMENT TRUST |
| ASTORIA INVESTMENT LTD |
NATIONAL INVESTMENT and ASTORIA INVESTMENT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NATIONAL INVESTMENT and ASTORIA INVESTMENT
The main advantage of trading using opposite NATIONAL INVESTMENT and ASTORIA INVESTMENT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NATIONAL INVESTMENT position performs unexpectedly, ASTORIA INVESTMENT 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 INVESTMENT will offset losses from the drop in ASTORIA INVESTMENT's long position.| NATIONAL INVESTMENT vs. PHOENIX BEVERAGES LTD | NATIONAL INVESTMENT vs. AGAPE GLOBAL INVESTMENTS | NATIONAL INVESTMENT vs. CAVELL TOURISTIC INVESTMENTS | NATIONAL INVESTMENT vs. ELITE MEAT PROCESSORS |
| ASTORIA INVESTMENT vs. NATIONAL INVESTMENT TRUST | ASTORIA INVESTMENT vs. FINCORP INVESTMENT LTD | ASTORIA INVESTMENT vs. MAURITIUS CHEMICAL FERTILIZER | ASTORIA INVESTMENT vs. AGAPE GLOBAL INVESTMENTS |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
Other Complementary Tools
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios |