Correlation Between SCANDMEDICAL SOLDK and ASTRA INTERNATIONAL

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Can any of the company-specific risk be diversified away by investing in both SCANDMEDICAL SOLDK and ASTRA INTERNATIONAL 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 SCANDMEDICAL SOLDK and ASTRA INTERNATIONAL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SCANDMEDICAL SOLDK 040 and ASTRA INTERNATIONAL, you can compare the effects of market volatilities on SCANDMEDICAL SOLDK and ASTRA INTERNATIONAL 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 SCANDMEDICAL SOLDK with a short position of ASTRA INTERNATIONAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of SCANDMEDICAL SOLDK and ASTRA INTERNATIONAL.

Diversification Opportunities for SCANDMEDICAL SOLDK and ASTRA INTERNATIONAL

SCANDMEDICALASTRADiversified AwaySCANDMEDICALASTRADiversified Away100%
0.38
  Correlation Coefficient

Weak diversification

The 3 months correlation between SCANDMEDICAL and ASTRA is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding SCANDMEDICAL SOLDK 040 and ASTRA INTERNATIONAL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ASTRA INTERNATIONAL and SCANDMEDICAL SOLDK 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 SCANDMEDICAL SOLDK 040 are associated (or correlated) with ASTRA INTERNATIONAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ASTRA INTERNATIONAL has no effect on the direction of SCANDMEDICAL SOLDK i.e., SCANDMEDICAL SOLDK and ASTRA INTERNATIONAL go up and down completely randomly.

Pair Corralation between SCANDMEDICAL SOLDK and ASTRA INTERNATIONAL

Assuming the 90 days horizon SCANDMEDICAL SOLDK 040 is expected to under-perform the ASTRA INTERNATIONAL. In addition to that, SCANDMEDICAL SOLDK is 1.4 times more volatile than ASTRA INTERNATIONAL. It trades about -0.05 of its total potential returns per unit of risk. ASTRA INTERNATIONAL is currently generating about -0.02 per unit of volatility. If you would invest  29.00  in ASTRA INTERNATIONAL on October 26, 2024 and sell it today you would lose (1.00) from holding ASTRA INTERNATIONAL or give up 3.45% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthVery Weak
Accuracy98.33%
ValuesDaily Returns

SCANDMEDICAL SOLDK 040  vs.  ASTRA INTERNATIONAL

 Performance 
JavaScript chart by amCharts 3.21.15NovDec2025 -10-50510
JavaScript chart by amCharts 3.21.15K41 ASJA
       Timeline  
SCANDMEDICAL SOLDK 040 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days SCANDMEDICAL SOLDK 040 has generated negative risk-adjusted returns adding no value to investors with long positions. Despite latest fragile performance, the Stock's basic indicators remain stable and the current disturbance on Wall Street may also be a sign of long-run gains for the company stockholders.
JavaScript chart by amCharts 3.21.15NovDecJanDecJan0.70.750.80.85
ASTRA INTERNATIONAL 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days ASTRA INTERNATIONAL has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound technical and fundamental indicators, ASTRA INTERNATIONAL is not utilizing all of its potentials. The current stock price tumult, may contribute to shorter-term losses for the shareholders.
JavaScript chart by amCharts 3.21.15NovDecJanDecJan0.270.2750.280.2850.290.2950.3

SCANDMEDICAL SOLDK and ASTRA INTERNATIONAL Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15-4.43-3.32-2.2-1.090.01751.032.093.144.19 0.040.050.060.070.080.09
JavaScript chart by amCharts 3.21.15K41 ASJA
       Returns  

Pair Trading with SCANDMEDICAL SOLDK and ASTRA INTERNATIONAL

The main advantage of trading using opposite SCANDMEDICAL SOLDK and ASTRA INTERNATIONAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SCANDMEDICAL SOLDK position performs unexpectedly, ASTRA INTERNATIONAL 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 ASTRA INTERNATIONAL will offset losses from the drop in ASTRA INTERNATIONAL's long position.
The idea behind SCANDMEDICAL SOLDK 040 and ASTRA INTERNATIONAL 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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..

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