Correlation Between Celestica and APPLE
Specify exactly 2 symbols:
By analyzing existing cross correlation between Celestica and APPLE INC 275, you can compare the effects of market volatilities on Celestica and APPLE 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 APPLE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Celestica and APPLE.
Diversification Opportunities for Celestica and APPLE
Very good diversification
The 3 months correlation between Celestica and APPLE is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding Celestica and APPLE INC 275 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APPLE INC 275 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 APPLE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of APPLE INC 275 has no effect on the direction of Celestica i.e., Celestica and APPLE go up and down completely randomly.
Pair Corralation between Celestica and APPLE
Considering the 90-day investment horizon Celestica is expected to generate 13.12 times more return on investment than APPLE. However, Celestica is 13.12 times more volatile than APPLE INC 275. It trades about 0.15 of its potential returns per unit of risk. APPLE INC 275 is currently generating about 0.02 per unit of risk. If you would invest 1,360 in Celestica on November 2, 2024 and sell it today you would earn a total of 11,354 from holding Celestica or generate 834.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 97.77% |
| Values | Daily Returns |
Celestica vs. APPLE INC 275
Performance |
| Timeline |
| Celestica |
| APPLE INC 275 |
Celestica and APPLE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Celestica and APPLE
The main advantage of trading using opposite Celestica and APPLE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Celestica position performs unexpectedly, APPLE 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 APPLE will offset losses from the drop in APPLE's long position.| Celestica vs. Plexus Corp | Celestica vs. Benchmark Electronics | Celestica vs. Flex | Celestica vs. Jabil Circuit |
| APPLE vs. Westrock Coffee | APPLE vs. Eastman Chemical | APPLE vs. Flanigans Enterprises | APPLE vs. Wingstop |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
Other Complementary Tools
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Equity Valuation Check real value of public entities based on technical and fundamental data |