Correlation Between Comstock Holding and UNITED
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By analyzing existing cross correlation between Comstock Holding Companies and UNITED PARCEL SVC, you can compare the effects of market volatilities on Comstock Holding and UNITED 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 Comstock Holding with a short position of UNITED. Check out your portfolio center. Please also check ongoing floating volatility patterns of Comstock Holding and UNITED.
Diversification Opportunities for Comstock Holding and UNITED
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Comstock and UNITED is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding Comstock Holding Companies and UNITED PARCEL SVC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UNITED PARCEL SVC and Comstock Holding 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 Comstock Holding Companies are associated (or correlated) with UNITED. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UNITED PARCEL SVC has no effect on the direction of Comstock Holding i.e., Comstock Holding and UNITED go up and down completely randomly.
Pair Corralation between Comstock Holding and UNITED
Given the investment horizon of 90 days Comstock Holding Companies is expected to generate 7.44 times more return on investment than UNITED. However, Comstock Holding is 7.44 times more volatile than UNITED PARCEL SVC. It trades about 0.04 of its potential returns per unit of risk. UNITED PARCEL SVC is currently generating about -0.04 per unit of risk. If you would invest 766.00 in Comstock Holding Companies on September 2, 2024 and sell it today you would earn a total of 50.00 from holding Comstock Holding Companies or generate 6.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 90.63% |
| Values | Daily Returns |
Comstock Holding Companies vs. UNITED PARCEL SVC
Performance |
| Timeline |
| Comstock Holding Com |
| UNITED PARCEL SVC |
Comstock Holding and UNITED Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Comstock Holding and UNITED
The main advantage of trading using opposite Comstock Holding and UNITED positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Comstock Holding position performs unexpectedly, UNITED 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 UNITED will offset losses from the drop in UNITED's long position.| Comstock Holding vs. Arhaus Inc | Comstock Holding vs. Floor Decor Holdings | Comstock Holding vs. Haverty Furniture Companies | Comstock Holding vs. Kingfisher plc |
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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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