Correlation Between Celsius Holdings and NORTHROP
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By analyzing existing cross correlation between Celsius Holdings and NORTHROP GRUMMAN P, you can compare the effects of market volatilities on Celsius Holdings and NORTHROP 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 NORTHROP. Check out your portfolio center. Please also check ongoing floating volatility patterns of Celsius Holdings and NORTHROP.
Diversification Opportunities for Celsius Holdings and NORTHROP
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Celsius and NORTHROP is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Celsius Holdings and NORTHROP GRUMMAN P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NORTHROP GRUMMAN 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 NORTHROP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NORTHROP GRUMMAN P has no effect on the direction of Celsius Holdings i.e., Celsius Holdings and NORTHROP go up and down completely randomly.
Pair Corralation between Celsius Holdings and NORTHROP
Given the investment horizon of 90 days Celsius Holdings is expected to under-perform the NORTHROP. In addition to that, Celsius Holdings is 4.24 times more volatile than NORTHROP GRUMMAN P. It trades about -0.18 of its total potential returns per unit of risk. NORTHROP GRUMMAN P is currently generating about 0.0 per unit of volatility. If you would invest 9,149 in NORTHROP GRUMMAN P on September 2, 2024 and sell it today you would lose (84.00) from holding NORTHROP GRUMMAN P or give up 0.92% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 91.27% |
| Values | Daily Returns |
Celsius Holdings vs. NORTHROP GRUMMAN P
Performance |
| Timeline |
| Celsius Holdings |
| NORTHROP GRUMMAN P |
Celsius Holdings and NORTHROP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Celsius Holdings and NORTHROP
The main advantage of trading using opposite Celsius Holdings and NORTHROP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Celsius Holdings position performs unexpectedly, NORTHROP 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 NORTHROP will offset losses from the drop in NORTHROP'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 |
| NORTHROP vs. Afya | NORTHROP vs. Skillful Craftsman Education | NORTHROP vs. Microbot Medical | NORTHROP vs. Scholastic |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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