Correlation Between Fisker and Astra Space

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both Fisker and Astra Space 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 Fisker and Astra Space into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fisker Inc and Astra Space, you can compare the effects of market volatilities on Fisker and Astra Space 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 Fisker with a short position of Astra Space. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fisker and Astra Space.

Diversification Opportunities for Fisker and Astra Space

0.69
  Correlation Coefficient

Poor diversification

The 3 months correlation between Fisker and Astra is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Fisker Inc and Astra Space Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Astra Space and Fisker 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 Fisker Inc are associated (or correlated) with Astra Space. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Astra Space has no effect on the direction of Fisker i.e., Fisker and Astra Space go up and down completely randomly.

Pair Corralation between Fisker and Astra Space

Considering the 90-day investment horizon Fisker Inc is expected to generate 0.94 times more return on investment than Astra Space. However, Fisker Inc is 1.06 times less risky than Astra Space. It trades about 0.01 of its potential returns per unit of risk. Astra Space is currently generating about -0.06 per unit of risk. If you would invest  1,425  in Fisker Inc on June 26, 2022 and sell it today you would lose (626.00)  from holding Fisker Inc or give up 43.93% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthSignificant
Accuracy99.6%
ValuesDaily Returns

Fisker Inc  vs.  Astra Space Inc

 Performance (%) 
       Timeline  
Fisker Inc 
Fisker Performance
0 of 100
Over the last 90 days Fisker Inc has generated negative risk-adjusted returns adding no value to investors with long positions. Even with latest weak performance, the Stock's basic indicators remain invariable and the latest agitation on Wall Street may also be a sign of long-running gains for the enterprise retail investors.

Fisker Price Channel

Astra Space 
Astra Performance
0 of 100
Over the last 90 days Astra Space has generated negative risk-adjusted returns adding no value to investors with long positions. Even with sluggish performance in the last few months, the Stock's basic indicators remain relatively invariable which may send shares a bit higher in October 2022. The latest agitation may also be a sign of long-running up-swing for the enterprise retail investors.

Astra Price Channel

Fisker and Astra Space Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Fisker and Astra Space

The main advantage of trading using opposite Fisker and Astra Space positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fisker position performs unexpectedly, Astra Space 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 Astra Space will offset losses from the drop in Astra Space's long position.
Fisker vs. Industrias Bachoco SA
The idea behind Fisker Inc and Astra Space pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
Astra Space vs. Sigma Lithium Corp
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.

Other Complementary Tools

Probability Of Bankruptcy
Get analysis of equity chance of financial distress in the next 2 years
Go
Portfolio Anywhere
Track or share privately all of your investments from the convenience of any device
Go
Positions Ratings
Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance
Go
Equity Valuation
Check real value of public entities based on technical and fundamental data
Go
Portfolio Holdings
Check your current holdings and cash postion to detemine if your portfolio needs rebalancing
Go
Analyst Recommendations
Analyst recommendations and target price estimates broken down by several categories
Go
Global Markets Map
Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes
Go
Financial Widgets
Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets
Go
Portfolio File Import
Quickly import all of your third-party portfolios from your local drive in csv format
Go
Transaction History
View history of all your transactions and understand their impact on performance
Go