Correlation Between Celsius Holdings and NORFOLK
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By analyzing existing cross correlation between Celsius Holdings and NORFOLK SOUTHN P, you can compare the effects of market volatilities on Celsius Holdings and NORFOLK 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 NORFOLK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Celsius Holdings and NORFOLK.
Diversification Opportunities for Celsius Holdings and NORFOLK
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Celsius and NORFOLK is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Celsius Holdings and NORFOLK SOUTHN P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NORFOLK SOUTHN P 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 NORFOLK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NORFOLK SOUTHN P has no effect on the direction of Celsius Holdings i.e., Celsius Holdings and NORFOLK go up and down completely randomly.
Pair Corralation between Celsius Holdings and NORFOLK
Given the investment horizon of 90 days Celsius Holdings is expected to under-perform the NORFOLK. In addition to that, Celsius Holdings is 5.47 times more volatile than NORFOLK SOUTHN P. It trades about -0.09 of its total potential returns per unit of risk. NORFOLK SOUTHN P is currently generating about -0.06 per unit of volatility. If you would invest 10,563 in NORFOLK SOUTHN P on November 3, 2024 and sell it today you would lose (275.00) from holding NORFOLK SOUTHN P or give up 2.6% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 49.6% |
| Values | Daily Returns |
Celsius Holdings vs. NORFOLK SOUTHN P
Performance |
| Timeline |
| Celsius Holdings |
| NORFOLK SOUTHN P |
Celsius Holdings and NORFOLK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Celsius Holdings and NORFOLK
The main advantage of trading using opposite Celsius Holdings and NORFOLK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Celsius Holdings position performs unexpectedly, NORFOLK 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 NORFOLK will offset losses from the drop in NORFOLK'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 |
| NORFOLK vs. Todos Medical | NORFOLK vs. National Vision Holdings | NORFOLK vs. Cabo Drilling Corp | NORFOLK vs. Orbit Garant Drilling |
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 Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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