Correlation Between Celestica and ENABLE
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By analyzing existing cross correlation between Celestica and ENABLE MIDSTREAM PARTNERS, you can compare the effects of market volatilities on Celestica and ENABLE 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 ENABLE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Celestica and ENABLE.
Diversification Opportunities for Celestica and ENABLE
Very good diversification
The 3 months correlation between Celestica and ENABLE is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding Celestica and ENABLE MIDSTREAM PARTNERS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ENABLE MIDSTREAM PARTNERS 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 ENABLE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ENABLE MIDSTREAM PARTNERS has no effect on the direction of Celestica i.e., Celestica and ENABLE go up and down completely randomly.
Pair Corralation between Celestica and ENABLE
Considering the 90-day investment horizon Celestica is expected to generate 19.61 times more return on investment than ENABLE. However, Celestica is 19.61 times more volatile than ENABLE MIDSTREAM PARTNERS. It trades about 0.18 of its potential returns per unit of risk. ENABLE MIDSTREAM PARTNERS is currently generating about -0.17 per unit of risk. If you would invest 9,307 in Celestica on November 2, 2024 and sell it today you would earn a total of 2,108 from holding Celestica or generate 22.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.48% |
| Values | Daily Returns |
Celestica vs. ENABLE MIDSTREAM PARTNERS
Performance |
| Timeline |
| Celestica |
| ENABLE MIDSTREAM PARTNERS |
Celestica and ENABLE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Celestica and ENABLE
The main advantage of trading using opposite Celestica and ENABLE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Celestica position performs unexpectedly, ENABLE 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 ENABLE will offset losses from the drop in ENABLE's long position.| Celestica vs. Plexus Corp | Celestica vs. Benchmark Electronics | Celestica vs. Flex | Celestica vs. Jabil Circuit |
| ENABLE vs. AEP TEX INC | ENABLE vs. US BANK NATIONAL | ENABLE vs. Albertsons Companies | ENABLE 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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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