Correlation Between Celestica and COMCAST
Specify exactly 2 symbols:
By analyzing existing cross correlation between Celestica and COMCAST P NEW, you can compare the effects of market volatilities on Celestica and COMCAST 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 COMCAST. Check out your portfolio center. Please also check ongoing floating volatility patterns of Celestica and COMCAST.
Diversification Opportunities for Celestica and COMCAST
Very good diversification
The 3 months correlation between Celestica and COMCAST is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Celestica and COMCAST P NEW in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COMCAST P NEW 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 COMCAST. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COMCAST P NEW has no effect on the direction of Celestica i.e., Celestica and COMCAST go up and down completely randomly.
Pair Corralation between Celestica and COMCAST
Considering the 90-day investment horizon Celestica is expected to generate 8.09 times less return on investment than COMCAST. But when comparing it to its historical volatility, Celestica is 19.83 times less risky than COMCAST. It trades about 0.15 of its potential returns per unit of risk. COMCAST P NEW is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 8,362 in COMCAST P NEW on November 2, 2024 and sell it today you would earn a total of 23.00 from holding COMCAST P NEW or generate 0.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 87.85% |
| Values | Daily Returns |
Celestica vs. COMCAST P NEW
Performance |
| Timeline |
| Celestica |
| COMCAST P NEW |
Celestica and COMCAST Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Celestica and COMCAST
The main advantage of trading using opposite Celestica and COMCAST positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Celestica position performs unexpectedly, COMCAST 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 COMCAST will offset losses from the drop in COMCAST's long position.| Celestica vs. Plexus Corp | Celestica vs. Benchmark Electronics | Celestica vs. Flex | Celestica vs. Jabil Circuit |
| COMCAST vs. Air Transport Services | COMCAST vs. Global Crossing Airlines | COMCAST vs. Mesa Air Group | COMCAST vs. Skillful Craftsman Education |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
Other Complementary Tools
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals |