Correlation Between Celsius Holdings and Here Media
Can any of the company-specific risk be diversified away by investing in both Celsius Holdings and Here Media 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 Here Media into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Celsius Holdings and Here Media, you can compare the effects of market volatilities on Celsius Holdings and Here Media 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 Here Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Celsius Holdings and Here Media.
Diversification Opportunities for Celsius Holdings and Here Media
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Celsius and Here is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Celsius Holdings and Here Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Here Media 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 Here Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Here Media has no effect on the direction of Celsius Holdings i.e., Celsius Holdings and Here Media go up and down completely randomly.
Pair Corralation between Celsius Holdings and Here Media
Given the investment horizon of 90 days Celsius Holdings is expected to generate 7.11 times less return on investment than Here Media. But when comparing it to its historical volatility, Celsius Holdings is 1.24 times less risky than Here Media. It trades about 0.01 of its potential returns per unit of risk. Here Media is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 0.01 in Here Media on September 13, 2024 and sell it today you would earn a total of 0.01 from holding Here Media or generate 100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
Celsius Holdings vs. Here Media
Performance |
| Timeline |
| Celsius Holdings |
| Here Media |
Celsius Holdings and Here Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Celsius Holdings and Here Media
The main advantage of trading using opposite Celsius Holdings and Here Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Celsius Holdings position performs unexpectedly, Here Media 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 Here Media will offset losses from the drop in Here Media's long position.| Celsius Holdings vs. Coca Cola Femsa SAB | Celsius Holdings vs. Keurig Dr Pepper | Celsius Holdings vs. Embotelladora Andina SA | Celsius Holdings vs. Coca Cola European Partners |
| Here Media vs. BCE Inc | Here Media vs. Pinterest | Here Media vs. Radcom | Here Media vs. Freedom Internet Group |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
Other Complementary Tools
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope |