Correlation Between Astronics and Pitney Bowes
Can any of the company-specific risk be diversified away by investing in both Astronics and Pitney Bowes 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 Pitney Bowes into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Astronics and Pitney Bowes, you can compare the effects of market volatilities on Astronics and Pitney Bowes 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 Pitney Bowes. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astronics and Pitney Bowes.
Diversification Opportunities for Astronics and Pitney Bowes
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Astronics and Pitney is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding Astronics and Pitney Bowes in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pitney Bowes 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 Pitney Bowes. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pitney Bowes has no effect on the direction of Astronics i.e., Astronics and Pitney Bowes go up and down completely randomly.
Pair Corralation between Astronics and Pitney Bowes
Given the investment horizon of 90 days Astronics is expected to generate 1.24 times more return on investment than Pitney Bowes. However, Astronics is 1.24 times more volatile than Pitney Bowes. It trades about 0.2 of its potential returns per unit of risk. Pitney Bowes is currently generating about -0.11 per unit of risk. If you would invest 3,441 in Astronics on August 20, 2025 and sell it today you would earn a total of 1,518 from holding Astronics or generate 44.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Astronics vs. Pitney Bowes
Performance |
| Timeline |
| Astronics |
| Pitney Bowes |
Astronics and Pitney Bowes Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Astronics and Pitney Bowes
The main advantage of trading using opposite Astronics and Pitney Bowes positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Astronics position performs unexpectedly, Pitney Bowes 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 Pitney Bowes will offset losses from the drop in Pitney Bowes' long position.| Astronics vs. Cadre Holdings | Astronics vs. Voyager Technologies, | Astronics vs. V2X Inc | Astronics vs. Ducommun Incorporated |
| Pitney Bowes vs. Hub Group | Pitney Bowes vs. Steelcase | Pitney Bowes vs. Kennametal | Pitney Bowes vs. V2X Inc |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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