Correlation Between Astra Space and Momentus

Can any of the company-specific risk be diversified away by investing in both Astra Space and Momentus 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 Astra Space and Momentus into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Astra Space and Momentus, you can compare the effects of market volatilities on Astra Space and Momentus 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 Astra Space with a short position of Momentus. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astra Space and Momentus.

Diversification Opportunities for Astra Space and Momentus

0.0

Correlation Coefficient

Astra Space  Momentus

Pay attention - limited upside

The 3 months correlation between Astra and Momentus is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Astra Space and Momentus in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Momentus and Astra Space 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 Astra Space are associated (or correlated) with Momentus. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Momentus has no effect on the direction of Astra Space i.e., Astra Space and Momentus go up and down completely randomly.

Pair Corralation between Astra Space and Momentus

If you would invest (100.00) in Astra Space on May 6, 2025 and sell it today you would earn a total of  100.00  from holding Astra Space 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

Astra Space  vs.  Momentus

Astra Space

Risk-Adjusted Performance

Very Weak

Over the last 90 days Astra Space has generated negative risk-adjusted returns adding no value to investors with long positions. Even with relatively invariable basic indicators, Astra Space is not utilizing all of its potentials. The latest stock price agitation, may contribute to short-term losses for the retail investors.

Momentus

Risk-Adjusted Performance

Very Weak

Over the last 90 days Momentus has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of abnormal performance in the last few months, the Stock's basic indicators remain comparatively stable which may send shares a bit higher in September 2025. The newest uproar may also be a sign of mid-term up-swing for the firm private investors.

Pair Trading with Astra Space and Momentus

The main advantage of trading using opposite Astra Space and Momentus positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Astra Space position performs unexpectedly, Momentus 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 Momentus will offset losses from the drop in Momentus' long position.

The idea behind Astra Space and Momentus 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.

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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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.