Correlation Between Astor Star and Voya Equity
Can any of the company-specific risk be diversified away by investing in both Astor Star and Voya Equity 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 Astor Star and Voya Equity into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Astor Star Fund and Voya Equity Trust, you can compare the effects of market volatilities on Astor Star and Voya Equity 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 Astor Star with a short position of Voya Equity. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astor Star and Voya Equity.
Diversification Opportunities for Astor Star and Voya Equity
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Astor and Voya is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Astor Star Fund and Voya Equity Trust in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Voya Equity Trust and Astor Star 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 Astor Star Fund are associated (or correlated) with Voya Equity. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Voya Equity Trust has no effect on the direction of Astor Star i.e., Astor Star and Voya Equity go up and down completely randomly.
Pair Corralation between Astor Star and Voya Equity
If you would invest 1,553 in Astor Star Fund on June 11, 2025 and sell it today you would earn a total of 71.00 from holding Astor Star Fund or generate 4.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Astor Star Fund vs. Voya Equity Trust
Performance |
| Timeline |
| Astor Star Fund |
| Voya Equity Trust |
Risk-Adjusted Performance
Weakest
Weak | Strong |
Astor Star and Voya Equity Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Astor Star and Voya Equity
The main advantage of trading using opposite Astor Star and Voya Equity positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Astor Star position performs unexpectedly, Voya Equity 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 Voya Equity will offset losses from the drop in Voya Equity's long position.| Astor Star vs. Astor Star Fund | Astor Star vs. Astor Star Fund | Astor Star vs. Astor Longshort Fund | Astor Star vs. Nasdaq 100 Fund Class |
| Voya Equity vs. T Rowe Price | Voya Equity vs. Calvert High Yield | Voya Equity vs. Pax High Yield | Voya Equity vs. Prudential High Yield |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
Other Complementary Tools
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope |