Correlation Between Cellebrite and Global Ship
Can any of the company-specific risk be diversified away by investing in both Cellebrite and Global Ship 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 Ship into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cellebrite DI Equity and Global Ship Lease, you can compare the effects of market volatilities on Cellebrite and Global Ship 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 Ship. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cellebrite and Global Ship.
Diversification Opportunities for Cellebrite and Global Ship
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Cellebrite and Global is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Cellebrite DI Equity and Global Ship Lease in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Global Ship Lease 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 Equity are associated (or correlated) with Global Ship. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Global Ship Lease has no effect on the direction of Cellebrite i.e., Cellebrite and Global Ship go up and down completely randomly.
Pair Corralation between Cellebrite and Global Ship
If you would invest 2,634 in Global Ship Lease on September 1, 2024 and sell it today you would earn a total of 2.00 from holding Global Ship Lease or generate 0.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Cellebrite DI Equity vs. Global Ship Lease
Performance |
| Timeline |
| Cellebrite DI Equity |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Global Ship Lease |
Cellebrite and Global Ship Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cellebrite and Global Ship
The main advantage of trading using opposite Cellebrite and Global Ship positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cellebrite position performs unexpectedly, Global Ship 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 Ship will offset losses from the drop in Global Ship's long position.| Cellebrite vs. Ryman Hospitality Properties | Cellebrite vs. Bt Brands | Cellebrite vs. Simpson Manufacturing | Cellebrite vs. Dave Busters Entertainment |
| Global Ship vs. Safe Bulkers | Global Ship vs. Diana Shipping | Global Ship vs. Costamare | Global Ship vs. Safe Bulkers |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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