Correlation Between Astoria Financial and BBB Foods
Can any of the company-specific risk be diversified away by investing in both Astoria Financial and BBB Foods 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 Astoria Financial and BBB Foods into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Astoria Financial Corp and BBB Foods, you can compare the effects of market volatilities on Astoria Financial and BBB Foods 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 Astoria Financial with a short position of BBB Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astoria Financial and BBB Foods.
Diversification Opportunities for Astoria Financial and BBB Foods
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Astoria and BBB is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Astoria Financial Corp and BBB Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BBB Foods and Astoria Financial 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 Astoria Financial Corp are associated (or correlated) with BBB Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BBB Foods has no effect on the direction of Astoria Financial i.e., Astoria Financial and BBB Foods go up and down completely randomly.
Pair Corralation between Astoria Financial and BBB Foods
If you would invest (100.00) in Astoria Financial Corp on February 3, 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 |
Astoria Financial Corp vs. BBB Foods
Performance |
Timeline |
Astoria Financial Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
BBB Foods |
Astoria Financial and BBB Foods Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Astoria Financial and BBB Foods
The main advantage of trading using opposite Astoria Financial and BBB Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Astoria Financial position performs unexpectedly, BBB Foods 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 BBB Foods will offset losses from the drop in BBB Foods' long position.Astoria Financial vs. Arbor Metals Corp | Astoria Financial vs. Asure Software | Astoria Financial vs. Transphorm Technology | Astoria Financial vs. Kaltura |
BBB Foods vs. Almacenes xito SA | BBB Foods vs. Ollies Bargain Outlet | BBB Foods vs. PriceSmart | BBB Foods vs. Kellanova |
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.
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