Correlation Between Celsius Holdings and Occidental
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By analyzing existing cross correlation between Celsius Holdings and Occidental Petroleum 8875, you can compare the effects of market volatilities on Celsius Holdings and Occidental 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 Occidental. Check out your portfolio center. Please also check ongoing floating volatility patterns of Celsius Holdings and Occidental.
Diversification Opportunities for Celsius Holdings and Occidental
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Celsius and Occidental is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Celsius Holdings and Occidental Petroleum 8875 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Occidental Petroleum 8875 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 Occidental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Occidental Petroleum 8875 has no effect on the direction of Celsius Holdings i.e., Celsius Holdings and Occidental go up and down completely randomly.
Pair Corralation between Celsius Holdings and Occidental
Given the investment horizon of 90 days Celsius Holdings is expected to under-perform the Occidental. In addition to that, Celsius Holdings is 9.95 times more volatile than Occidental Petroleum 8875. It trades about -0.08 of its total potential returns per unit of risk. Occidental Petroleum 8875 is currently generating about -0.04 per unit of volatility. If you would invest 11,813 in Occidental Petroleum 8875 on September 3, 2024 and sell it today you would lose (115.00) from holding Occidental Petroleum 8875 or give up 0.97% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 98.44% |
| Values | Daily Returns |
Celsius Holdings vs. Occidental Petroleum 8875
Performance |
| Timeline |
| Celsius Holdings |
| Occidental Petroleum 8875 |
Celsius Holdings and Occidental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Celsius Holdings and Occidental
The main advantage of trading using opposite Celsius Holdings and Occidental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Celsius Holdings position performs unexpectedly, Occidental 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 Occidental will offset losses from the drop in Occidental'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 |
| Occidental vs. Willamette Valley Vineyards | Occidental vs. Esperion Therapeutics | Occidental vs. Celsius Holdings | Occidental vs. Oatly Group AB |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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