Correlation Between Celsius Holdings and Limestone Boat
Can any of the company-specific risk be diversified away by investing in both Celsius Holdings and Limestone Boat 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 Limestone Boat into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Celsius Holdings and The Limestone Boat, you can compare the effects of market volatilities on Celsius Holdings and Limestone Boat 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 Limestone Boat. Check out your portfolio center. Please also check ongoing floating volatility patterns of Celsius Holdings and Limestone Boat.
Diversification Opportunities for Celsius Holdings and Limestone Boat
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Celsius and Limestone is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Celsius Holdings and The Limestone Boat in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Limestone Boat 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 Limestone Boat. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Limestone Boat has no effect on the direction of Celsius Holdings i.e., Celsius Holdings and Limestone Boat go up and down completely randomly.
Pair Corralation between Celsius Holdings and Limestone Boat
If you would invest 2,696 in Celsius Holdings on September 13, 2024 and sell it today you would earn a total of 412.00 from holding Celsius Holdings or generate 15.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Celsius Holdings vs. The Limestone Boat
Performance |
| Timeline |
| Celsius Holdings |
| Limestone Boat |
Celsius Holdings and Limestone Boat Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Celsius Holdings and Limestone Boat
The main advantage of trading using opposite Celsius Holdings and Limestone Boat positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Celsius Holdings position performs unexpectedly, Limestone Boat 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 Limestone Boat will offset losses from the drop in Limestone Boat'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 |
| Limestone Boat vs. Saia Inc | Limestone Boat vs. Guangdong Investment Limited | Limestone Boat vs. United Airlines Holdings | Limestone Boat vs. LB Foster |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
Other Complementary Tools
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites |