Correlation Between Celestica and NanoString Technologies
Can any of the company-specific risk be diversified away by investing in both Celestica and NanoString Technologies 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 NanoString Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Celestica and NanoString Technologies, you can compare the effects of market volatilities on Celestica and NanoString Technologies 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 NanoString Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Celestica and NanoString Technologies.
Diversification Opportunities for Celestica and NanoString Technologies
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Celestica and NanoString is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Celestica and NanoString Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NanoString Technologies 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 NanoString Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NanoString Technologies has no effect on the direction of Celestica i.e., Celestica and NanoString Technologies go up and down completely randomly.
Pair Corralation between Celestica and NanoString Technologies
If you would invest 7,232 in Celestica on November 2, 2024 and sell it today you would earn a total of 4,183 from holding Celestica or generate 57.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Celestica vs. NanoString Technologies
Performance |
| Timeline |
| Celestica |
| NanoString Technologies |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Celestica and NanoString Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Celestica and NanoString Technologies
The main advantage of trading using opposite Celestica and NanoString Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Celestica position performs unexpectedly, NanoString Technologies 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 NanoString Technologies will offset losses from the drop in NanoString Technologies' long position.| Celestica vs. Plexus Corp | Celestica vs. Benchmark Electronics | Celestica vs. Flex | Celestica vs. Jabil Circuit |
| NanoString Technologies vs. Veracyte | NanoString Technologies vs. Syros Pharmaceuticals | NanoString Technologies vs. Seres Therapeutics | NanoString Technologies vs. Iovance Biotherapeutics |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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