Correlation Between Saia and Astoria Financial
Can any of the company-specific risk be diversified away by investing in both Saia 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 Saia and Astoria Financial into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Saia Inc and Astoria Financial Corp, you can compare the effects of market volatilities on Saia 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 Saia with a short position of Astoria Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Saia and Astoria Financial.
Diversification Opportunities for Saia and Astoria Financial
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Saia and Astoria is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Saia Inc 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 Saia 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 Saia Inc 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 Saia i.e., Saia and Astoria Financial go up and down completely randomly.
Pair Corralation between Saia and Astoria Financial
If you would invest 39,150 in Saia Inc on September 3, 2024 and sell it today you would earn a total of 16,624 from holding Saia Inc or generate 42.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Saia Inc vs. Astoria Financial Corp
Performance |
| Timeline |
| Saia Inc |
| Astoria Financial Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Saia and Astoria Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Saia and Astoria Financial
The main advantage of trading using opposite Saia and Astoria Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Saia 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.The idea behind Saia Inc and Astoria Financial Corp pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| Astoria Financial vs. Paysafe | Astoria Financial vs. Radcom | Astoria Financial vs. Uber Technologies | Astoria Financial vs. Life Time Group |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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