Correlation Between Celsius Holdings and 78490FMG1
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By analyzing existing cross correlation between Celsius Holdings and US78490FMG18, you can compare the effects of market volatilities on Celsius Holdings and 78490FMG1 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 78490FMG1. Check out your portfolio center. Please also check ongoing floating volatility patterns of Celsius Holdings and 78490FMG1.
Diversification Opportunities for Celsius Holdings and 78490FMG1
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Celsius and 78490FMG1 is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Celsius Holdings and US78490FMG18 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US78490FMG18 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 78490FMG1. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US78490FMG18 has no effect on the direction of Celsius Holdings i.e., Celsius Holdings and 78490FMG1 go up and down completely randomly.
Pair Corralation between Celsius Holdings and 78490FMG1
Given the investment horizon of 90 days Celsius Holdings is expected to generate 0.41 times more return on investment than 78490FMG1. However, Celsius Holdings is 2.41 times less risky than 78490FMG1. It trades about -0.13 of its potential returns per unit of risk. US78490FMG18 is currently generating about -0.57 per unit of risk. If you would invest 2,720 in Celsius Holdings on November 3, 2024 and sell it today you would lose (222.00) from holding Celsius Holdings or give up 8.16% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 14.29% |
| Values | Daily Returns |
Celsius Holdings vs. US78490FMG18
Performance |
| Timeline |
| Celsius Holdings |
| US78490FMG18 |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Celsius Holdings and 78490FMG1 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Celsius Holdings and 78490FMG1
The main advantage of trading using opposite Celsius Holdings and 78490FMG1 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Celsius Holdings position performs unexpectedly, 78490FMG1 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 78490FMG1 will offset losses from the drop in 78490FMG1'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 |
| 78490FMG1 vs. 51Talk Online Education | 78490FMG1 vs. Rackspace Technology | 78490FMG1 vs. TFI International | 78490FMG1 vs. Life360, Common Stock |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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