Correlation Between Celsius Holdings and Green Shift
Can any of the company-specific risk be diversified away by investing in both Celsius Holdings and Green Shift 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 Celsius Holdings and Green Shift into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Celsius Holdings and Green Shift Commodities, you can compare the effects of market volatilities on Celsius Holdings and Green Shift 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 Celsius Holdings with a short position of Green Shift. Check out your portfolio center. Please also check ongoing floating volatility patterns of Celsius Holdings and Green Shift.
Diversification Opportunities for Celsius Holdings and Green Shift
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Celsius and Green is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Celsius Holdings and Green Shift Commodities in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Green Shift Commodities and Celsius Holdings 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 Celsius Holdings are associated (or correlated) with Green Shift. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Green Shift Commodities has no effect on the direction of Celsius Holdings i.e., Celsius Holdings and Green Shift go up and down completely randomly.
Pair Corralation between Celsius Holdings and Green Shift
Given the investment horizon of 90 days Celsius Holdings is expected to generate 0.66 times more return on investment than Green Shift. However, Celsius Holdings is 1.52 times less risky than Green Shift. It trades about -0.05 of its potential returns per unit of risk. Green Shift Commodities is currently generating about -0.1 per unit of risk. If you would invest 3,136 in Celsius Holdings on August 29, 2024 and sell it today you would lose (352.00) from holding Celsius Holdings or give up 11.22% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Celsius Holdings vs. Green Shift Commodities
Performance |
| Timeline |
| Celsius Holdings |
| Green Shift Commodities |
Celsius Holdings and Green Shift Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Celsius Holdings and Green Shift
The main advantage of trading using opposite Celsius Holdings and Green Shift positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Celsius Holdings position performs unexpectedly, Green Shift 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 Green Shift will offset losses from the drop in Green Shift's long position.| Celsius Holdings vs. Vita Coco | Celsius Holdings vs. Keurig Dr Pepper | Celsius Holdings vs. PepsiCo | Celsius Holdings vs. Coca Cola Femsa SAB |
| Green Shift vs. Solstad Offshore ASA | Green Shift vs. Celsius Holdings | Green Shift vs. Microbot Medical | Green Shift vs. BW Offshore Limited |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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