Correlation Between Astronics and Mayfair Gold
Can any of the company-specific risk be diversified away by investing in both Astronics and Mayfair Gold 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 Astronics and Mayfair Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Astronics and Mayfair Gold Corp, you can compare the effects of market volatilities on Astronics and Mayfair Gold 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 Astronics with a short position of Mayfair Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astronics and Mayfair Gold.
Diversification Opportunities for Astronics and Mayfair Gold
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Astronics and Mayfair is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Astronics and Mayfair Gold Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mayfair Gold Corp and Astronics 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 Astronics are associated (or correlated) with Mayfair Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mayfair Gold Corp has no effect on the direction of Astronics i.e., Astronics and Mayfair Gold go up and down completely randomly.
Pair Corralation between Astronics and Mayfair Gold
Given the investment horizon of 90 days Astronics is expected to generate 1.17 times more return on investment than Mayfair Gold. However, Astronics is 1.17 times more volatile than Mayfair Gold Corp. It trades about 0.22 of its potential returns per unit of risk. Mayfair Gold Corp is currently generating about 0.06 per unit of risk. If you would invest 2,169 in Astronics on April 6, 2025 and sell it today you would earn a total of 1,084 from holding Astronics or generate 49.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.41% |
| Values | Daily Returns |
Astronics vs. Mayfair Gold Corp
Performance |
| Timeline |
| Astronics |
| Mayfair Gold Corp |
Astronics and Mayfair Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Astronics and Mayfair Gold
The main advantage of trading using opposite Astronics and Mayfair Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Astronics position performs unexpectedly, Mayfair Gold 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 Mayfair Gold will offset losses from the drop in Mayfair Gold's long position.| Astronics vs. Mayfair Gold Corp | Astronics vs. Herc Holdings | Astronics vs. Federal Home Loan | Astronics vs. FTAI Aviation Ltd |
| Mayfair Gold vs. Alto Neuroscience, | Mayfair Gold vs. NETGEAR | Mayfair Gold vs. Anheuser Busch Inbev | Mayfair Gold vs. Lipocine |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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