Correlation Between BW Offshore and COMCAST
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By analyzing existing cross correlation between BW Offshore Limited and COMCAST P NEW, you can compare the effects of market volatilities on BW Offshore 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 BW Offshore with a short position of COMCAST. Check out your portfolio center. Please also check ongoing floating volatility patterns of BW Offshore and COMCAST.
Diversification Opportunities for BW Offshore and COMCAST
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between BWOFY and COMCAST is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding BW Offshore Limited 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 BW Offshore 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 BW Offshore Limited 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 BW Offshore i.e., BW Offshore and COMCAST go up and down completely randomly.
Pair Corralation between BW Offshore and COMCAST
Assuming the 90 days horizon BW Offshore Limited is expected to generate 1.86 times more return on investment than COMCAST. However, BW Offshore is 1.86 times more volatile than COMCAST P NEW. It trades about -0.06 of its potential returns per unit of risk. COMCAST P NEW is currently generating about -0.17 per unit of risk. If you would invest 559.00 in BW Offshore Limited on August 30, 2024 and sell it today you would lose (9.00) from holding BW Offshore Limited or give up 1.61% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 90.91% |
| Values | Daily Returns |
BW Offshore Limited vs. COMCAST P NEW
Performance |
| Timeline |
| BW Offshore Limited |
| COMCAST P NEW |
BW Offshore and COMCAST Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BW Offshore and COMCAST
The main advantage of trading using opposite BW Offshore and COMCAST positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BW Offshore 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.| BW Offshore vs. Legacy Education | BW Offshore vs. Apple Inc | BW Offshore vs. NVIDIA | BW Offshore vs. Microsoft |
| COMCAST vs. Playtech plc | COMCAST vs. Bank of New | COMCAST vs. BW Offshore Limited | COMCAST vs. Cleantech Power 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 the USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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