Correlation Between Celestica and 1248EPBX0
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By analyzing existing cross correlation between Celestica and CCO Holdings 5, you can compare the effects of market volatilities on Celestica and 1248EPBX0 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 1248EPBX0. Check out your portfolio center. Please also check ongoing floating volatility patterns of Celestica and 1248EPBX0.
Diversification Opportunities for Celestica and 1248EPBX0
Excellent diversification
The 3 months correlation between Celestica and 1248EPBX0 is -0.67. Overlapping area represents the amount of risk that can be diversified away by holding Celestica and CCO Holdings 5 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CCO Holdings 5 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 1248EPBX0. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CCO Holdings 5 has no effect on the direction of Celestica i.e., Celestica and 1248EPBX0 go up and down completely randomly.
Pair Corralation between Celestica and 1248EPBX0
Considering the 90-day investment horizon Celestica is expected to generate 6.68 times more return on investment than 1248EPBX0. However, Celestica is 6.68 times more volatile than CCO Holdings 5. It trades about 0.21 of its potential returns per unit of risk. CCO Holdings 5 is currently generating about -0.07 per unit of risk. If you would invest 4,645 in Celestica on November 2, 2024 and sell it today you would earn a total of 6,770 from holding Celestica or generate 145.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 99.03% |
| Values | Daily Returns |
Celestica vs. CCO Holdings 5
Performance |
| Timeline |
| Celestica |
| CCO Holdings 5 |
Celestica and 1248EPBX0 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Celestica and 1248EPBX0
The main advantage of trading using opposite Celestica and 1248EPBX0 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Celestica position performs unexpectedly, 1248EPBX0 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 1248EPBX0 will offset losses from the drop in 1248EPBX0's long position.| Celestica vs. Plexus Corp | Celestica vs. Benchmark Electronics | Celestica vs. Flex | Celestica vs. Jabil Circuit |
| 1248EPBX0 vs. AEP TEX INC | 1248EPBX0 vs. US BANK NATIONAL | 1248EPBX0 vs. Albertsons Companies | 1248EPBX0 vs. Innovation Beverage Group |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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