Correlation Between Avient Corp and COMCAST
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By analyzing existing cross correlation between Avient Corp and COMCAST PORATION, you can compare the effects of market volatilities on Avient Corp 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 Avient Corp with a short position of COMCAST. Check out your portfolio center. Please also check ongoing floating volatility patterns of Avient Corp and COMCAST.
Diversification Opportunities for Avient Corp and COMCAST
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Avient and COMCAST is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding Avient Corp and COMCAST PORATION in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COMCAST PORATION and Avient Corp 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 Avient Corp 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 PORATION has no effect on the direction of Avient Corp i.e., Avient Corp and COMCAST go up and down completely randomly.
Pair Corralation between Avient Corp and COMCAST
Given the investment horizon of 90 days Avient Corp is expected to under-perform the COMCAST. But the stock apears to be less risky and, when comparing its historical volatility, Avient Corp is 1.01 times less risky than COMCAST. The stock trades about -0.2 of its potential returns per unit of risk. The COMCAST PORATION is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 7,680 in COMCAST PORATION on September 15, 2024 and sell it today you would earn a total of 156.00 from holding COMCAST PORATION or generate 2.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Avient Corp vs. COMCAST PORATION
Performance |
| Timeline |
| Avient Corp |
| COMCAST PORATION |
Avient Corp and COMCAST Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Avient Corp and COMCAST
The main advantage of trading using opposite Avient Corp and COMCAST positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Avient Corp 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.| Avient Corp vs. Axalta Coating Systems | Avient Corp vs. H B Fuller | Avient Corp vs. Quaker Chemical | Avient Corp vs. Cabot |
| COMCAST vs. Marfrig Global Foods | COMCAST vs. Kinsale Capital Group | COMCAST vs. Aegon NV ADR | COMCAST vs. Assurant |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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