Correlation Between Ross Stores and Astoria Financial
Can any of the company-specific risk be diversified away by investing in both Ross Stores 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 Ross Stores and Astoria Financial into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ross Stores and Astoria Financial Corp, you can compare the effects of market volatilities on Ross Stores 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 Ross Stores with a short position of Astoria Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ross Stores and Astoria Financial.
Diversification Opportunities for Ross Stores and Astoria Financial
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ross and Astoria is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Ross Stores 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 Ross Stores 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 Ross Stores 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 Ross Stores i.e., Ross Stores and Astoria Financial go up and down completely randomly.
Pair Corralation between Ross Stores and Astoria Financial
If you would invest 11,301 in Ross Stores on September 13, 2024 and sell it today you would earn a total of 4,145 from holding Ross Stores or generate 36.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Ross Stores vs. Astoria Financial Corp
Performance |
| Timeline |
| Ross Stores |
| Astoria Financial Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Ross Stores and Astoria Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ross Stores and Astoria Financial
The main advantage of trading using opposite Ross Stores and Astoria Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ross Stores 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.| Ross Stores vs. Burlington Stores | Ross Stores vs. American Eagle Outfitters | Ross Stores vs. Lululemon Athletica | Ross Stores vs. Foot Locker |
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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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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