Correlation Between Ninepoint Gold and Astor Long/short
Can any of the company-specific risk be diversified away by investing in both Ninepoint Gold and Astor Long/short 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 Ninepoint Gold and Astor Long/short into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ninepoint Gold and and Astor Longshort Fund, you can compare the effects of market volatilities on Ninepoint Gold and Astor Long/short 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 Ninepoint Gold with a short position of Astor Long/short. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ninepoint Gold and Astor Long/short.
Diversification Opportunities for Ninepoint Gold and Astor Long/short
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Ninepoint and Astor is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding Ninepoint Gold and and Astor Longshort Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Astor Long/short and Ninepoint Gold 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 Ninepoint Gold and are associated (or correlated) with Astor Long/short. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Astor Long/short has no effect on the direction of Ninepoint Gold i.e., Ninepoint Gold and Astor Long/short go up and down completely randomly.
Pair Corralation between Ninepoint Gold and Astor Long/short
Assuming the 90 days trading horizon Ninepoint Gold and is expected to generate 6.68 times more return on investment than Astor Long/short. However, Ninepoint Gold is 6.68 times more volatile than Astor Longshort Fund. It trades about 0.16 of its potential returns per unit of risk. Astor Longshort Fund is currently generating about 0.12 per unit of risk. If you would invest 2,424 in Ninepoint Gold and on August 31, 2025 and sell it today you would earn a total of 691.00 from holding Ninepoint Gold and or generate 28.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ninepoint Gold and vs. Astor Longshort Fund
Performance |
| Timeline |
| Ninepoint Gold |
| Astor Long/short |
Ninepoint Gold and Astor Long/short Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ninepoint Gold and Astor Long/short
The main advantage of trading using opposite Ninepoint Gold and Astor Long/short positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ninepoint Gold position performs unexpectedly, Astor Long/short 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 Astor Long/short will offset losses from the drop in Astor Long/short's long position.| Ninepoint Gold vs. Sustainable Innovation Health | Ninepoint Gold vs. Healthcare Special Opportunities | Ninepoint Gold vs. Global Healthcare Income |
| Astor Long/short vs. Ab Select Equity | Astor Long/short vs. Aam Select Income | Astor Long/short vs. Arrow Managed Futures | Astor Long/short vs. Tax Managed Large Cap |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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