Correlation Between Astrotech Corp and Prenetics Global
Can any of the company-specific risk be diversified away by investing in both Astrotech Corp and Prenetics Global 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 Astrotech Corp and Prenetics Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Astrotech Corp and Prenetics Global, you can compare the effects of market volatilities on Astrotech Corp and Prenetics Global 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 Astrotech Corp with a short position of Prenetics Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astrotech Corp and Prenetics Global.
Diversification Opportunities for Astrotech Corp and Prenetics Global
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Astrotech and Prenetics is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding Astrotech Corp and Prenetics Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Prenetics Global and Astrotech Corp 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 Astrotech Corp are associated (or correlated) with Prenetics Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Prenetics Global has no effect on the direction of Astrotech Corp i.e., Astrotech Corp and Prenetics Global go up and down completely randomly.
Pair Corralation between Astrotech Corp and Prenetics Global
Given the investment horizon of 90 days Astrotech Corp is expected to generate 0.42 times more return on investment than Prenetics Global. However, Astrotech Corp is 2.37 times less risky than Prenetics Global. It trades about -0.06 of its potential returns per unit of risk. Prenetics Global is currently generating about -0.03 per unit of risk. If you would invest 579.00 in Astrotech Corp on June 2, 2025 and sell it today you would lose (64.00) from holding Astrotech Corp or give up 11.05% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Astrotech Corp vs. Prenetics Global
Performance |
| Timeline |
| Astrotech Corp |
| Prenetics Global |
Astrotech Corp and Prenetics Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Astrotech Corp and Prenetics Global
The main advantage of trading using opposite Astrotech Corp and Prenetics Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Astrotech Corp position performs unexpectedly, Prenetics Global 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 Prenetics Global will offset losses from the drop in Prenetics Global's long position.| Astrotech Corp vs. Air Industries Group | Astrotech Corp vs. A2Z Smart Technologies | Astrotech Corp vs. CPI Aerostructures | Astrotech Corp vs. AAR Corp |
| Prenetics Global vs. Sotera Health Co | Prenetics Global vs. Burning Rock Biotech | Prenetics Global vs. Neuronetics | Prenetics Global vs. Renaissancere Holdings |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
Other Complementary Tools
| CEOs Directory Screen CEOs from public companies around the world | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities |