Correlation Between Celestica and 896215AH3
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By analyzing existing cross correlation between Celestica and US896215AH37, you can compare the effects of market volatilities on Celestica and 896215AH3 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 896215AH3. Check out your portfolio center. Please also check ongoing floating volatility patterns of Celestica and 896215AH3.
Diversification Opportunities for Celestica and 896215AH3
Pay attention - limited upside
The 3 months correlation between Celestica and 896215AH3 is -0.85. Overlapping area represents the amount of risk that can be diversified away by holding Celestica and US896215AH37 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US896215AH37 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 896215AH3. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US896215AH37 has no effect on the direction of Celestica i.e., Celestica and 896215AH3 go up and down completely randomly.
Pair Corralation between Celestica and 896215AH3
Considering the 90-day investment horizon Celestica is expected to generate 1.29 times more return on investment than 896215AH3. However, Celestica is 1.29 times more volatile than US896215AH37. It trades about 0.41 of its potential returns per unit of risk. US896215AH37 is currently generating about 0.02 per unit of risk. If you would invest 9,545 in Celestica on October 21, 2024 and sell it today you would earn a total of 1,783 from holding Celestica or generate 18.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 84.21% |
| Values | Daily Returns |
Celestica vs. US896215AH37
Performance |
| Timeline |
| Celestica |
| US896215AH37 |
Celestica and 896215AH3 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Celestica and 896215AH3
The main advantage of trading using opposite Celestica and 896215AH3 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Celestica position performs unexpectedly, 896215AH3 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 896215AH3 will offset losses from the drop in 896215AH3's long position.| Celestica vs. Plexus Corp | Celestica vs. Benchmark Electronics | Celestica vs. Flex | Celestica vs. Jabil Circuit |
| 896215AH3 vs. AEP TEX INC | 896215AH3 vs. US BANK NATIONAL | 896215AH3 vs. Itoco Inc | 896215AH3 vs. Zedcor Inc |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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