Correlation Between Antero Midstream and COMCAST
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By analyzing existing cross correlation between Antero Midstream Partners and COMCAST P NEW, you can compare the effects of market volatilities on Antero Midstream and COMCAST 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 Antero Midstream with a short position of COMCAST. Check out your portfolio center. Please also check ongoing floating volatility patterns of Antero Midstream and COMCAST.
Diversification Opportunities for Antero Midstream and COMCAST
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Antero and COMCAST is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding Antero Midstream Partners and COMCAST P NEW in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COMCAST P NEW and Antero Midstream 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 Antero Midstream Partners are associated (or correlated) with COMCAST. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COMCAST P NEW has no effect on the direction of Antero Midstream i.e., Antero Midstream and COMCAST go up and down completely randomly.
Pair Corralation between Antero Midstream and COMCAST
Allowing for the 90-day total investment horizon Antero Midstream Partners is expected to generate 5.19 times more return on investment than COMCAST. However, Antero Midstream is 5.19 times more volatile than COMCAST P NEW. It trades about 0.09 of its potential returns per unit of risk. COMCAST P NEW is currently generating about 0.03 per unit of risk. If you would invest 1,186 in Antero Midstream Partners on September 12, 2024 and sell it today you would earn a total of 333.00 from holding Antero Midstream Partners or generate 28.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.19% |
| Values | Daily Returns |
Antero Midstream Partners vs. COMCAST P NEW
Performance |
| Timeline |
| Antero Midstream Partners |
| COMCAST P NEW |
Antero Midstream and COMCAST Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Antero Midstream and COMCAST
The main advantage of trading using opposite Antero Midstream and COMCAST positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Antero Midstream position performs unexpectedly, COMCAST 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 COMCAST will offset losses from the drop in COMCAST's long position.| Antero Midstream vs. EnLink Midstream LLC | Antero Midstream vs. Western Midstream Partners | Antero Midstream vs. Plains GP Holdings | Antero Midstream vs. Plains All American |
| COMCAST vs. LB Foster | COMCAST vs. Antero Midstream Partners | COMCAST vs. Pool Corporation | COMCAST vs. Getty Realty |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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