Correlation Between Celestica and Contagious Gaming
Can any of the company-specific risk be diversified away by investing in both Celestica and Contagious Gaming 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 Contagious Gaming into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Celestica and Contagious Gaming, you can compare the effects of market volatilities on Celestica and Contagious Gaming 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 Contagious Gaming. Check out your portfolio center. Please also check ongoing floating volatility patterns of Celestica and Contagious Gaming.
Diversification Opportunities for Celestica and Contagious Gaming
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Celestica and Contagious is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Celestica and Contagious Gaming in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Contagious Gaming 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 Contagious Gaming. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Contagious Gaming has no effect on the direction of Celestica i.e., Celestica and Contagious Gaming go up and down completely randomly.
Pair Corralation between Celestica and Contagious Gaming
If you would invest 8,406 in Celestica on September 13, 2024 and sell it today you would earn a total of 591.00 from holding Celestica or generate 7.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Celestica vs. Contagious Gaming
Performance |
| Timeline |
| Celestica |
| Contagious Gaming |
Celestica and Contagious Gaming Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Celestica and Contagious Gaming
The main advantage of trading using opposite Celestica and Contagious Gaming positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Celestica position performs unexpectedly, Contagious Gaming 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 Contagious Gaming will offset losses from the drop in Contagious Gaming's long position.| Celestica vs. Plexus Corp | Celestica vs. Benchmark Electronics | Celestica vs. Flex | Celestica vs. Jabil Circuit |
| Contagious Gaming vs. Sonos Inc | Contagious Gaming vs. Celestica | Contagious Gaming vs. Hudson Technologies | Contagious Gaming vs. Luxfer Holdings 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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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