Correlation Between Cellebrite and Global Blue
Can any of the company-specific risk be diversified away by investing in both Cellebrite and Global Blue at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Cellebrite and Global Blue into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cellebrite DI and Global Blue Group, you can compare the effects of market volatilities on Cellebrite and Global Blue 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 Cellebrite with a short position of Global Blue. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cellebrite and Global Blue.
Diversification Opportunities for Cellebrite and Global Blue
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Cellebrite and Global is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Cellebrite DI and Global Blue Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Global Blue Group and Cellebrite 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 Cellebrite DI are associated (or correlated) with Global Blue. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Global Blue Group has no effect on the direction of Cellebrite i.e., Cellebrite and Global Blue go up and down completely randomly.
Pair Corralation between Cellebrite and Global Blue
Given the investment horizon of 90 days Cellebrite DI is expected to generate 0.74 times more return on investment than Global Blue. However, Cellebrite DI is 1.35 times less risky than Global Blue. It trades about 0.22 of its potential returns per unit of risk. Global Blue Group is currently generating about 0.07 per unit of risk. If you would invest 1,044 in Cellebrite DI on September 1, 2024 and sell it today you would earn a total of 974.00 from holding Cellebrite DI or generate 93.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cellebrite DI vs. Global Blue Group
Performance |
| Timeline |
| Cellebrite DI |
| Global Blue Group |
Cellebrite and Global Blue Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cellebrite and Global Blue
The main advantage of trading using opposite Cellebrite and Global Blue positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cellebrite position performs unexpectedly, Global Blue 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 Global Blue will offset losses from the drop in Global Blue's long position.| Cellebrite vs. CSG Systems International | Cellebrite vs. Consensus Cloud Solutions | Cellebrite vs. Secureworks Corp | Cellebrite vs. Evertec |
| Global Blue vs. Palo Alto Networks | Global Blue vs. GigaCloud Technology Class | Global Blue vs. Pagaya Technologies | Global Blue vs. Telos Corp |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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