Correlation Between Celestica and Haymaker Acquisition
Can any of the company-specific risk be diversified away by investing in both Celestica and Haymaker Acquisition 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 Celestica and Haymaker Acquisition into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Celestica and Haymaker Acquisition Corp, you can compare the effects of market volatilities on Celestica and Haymaker Acquisition 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 Celestica with a short position of Haymaker Acquisition. Check out your portfolio center. Please also check ongoing floating volatility patterns of Celestica and Haymaker Acquisition.
Diversification Opportunities for Celestica and Haymaker Acquisition
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Celestica and Haymaker is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Celestica and Haymaker Acquisition Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haymaker Acquisition Corp and Celestica 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 Celestica are associated (or correlated) with Haymaker Acquisition. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haymaker Acquisition Corp has no effect on the direction of Celestica i.e., Celestica and Haymaker Acquisition go up and down completely randomly.
Pair Corralation between Celestica and Haymaker Acquisition
Considering the 90-day investment horizon Celestica is expected to generate 29.78 times more return on investment than Haymaker Acquisition. However, Celestica is 29.78 times more volatile than Haymaker Acquisition Corp. It trades about 0.53 of its potential returns per unit of risk. Haymaker Acquisition Corp is currently generating about 0.18 per unit of risk. If you would invest 9,753 in Celestica on October 25, 2024 and sell it today you would earn a total of 2,574 from holding Celestica or generate 26.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Celestica vs. Haymaker Acquisition Corp
Performance |
| Timeline |
| Celestica |
| Haymaker Acquisition Corp |
Celestica and Haymaker Acquisition Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Celestica and Haymaker Acquisition
The main advantage of trading using opposite Celestica and Haymaker Acquisition positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Celestica position performs unexpectedly, Haymaker Acquisition 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 Haymaker Acquisition will offset losses from the drop in Haymaker Acquisition's long position.| Celestica vs. Plexus Corp | Celestica vs. Benchmark Electronics | Celestica vs. Flex | Celestica vs. Jabil Circuit |
| Haymaker Acquisition vs. Valneva SE ADR | Haymaker Acquisition vs. Genfit | Haymaker Acquisition vs. Apogee Therapeutics, Common | Haymaker Acquisition vs. Neogen |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
Other Complementary Tools
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal |