Correlation Between Cromwell Property and Celtic Plc
Can any of the company-specific risk be diversified away by investing in both Cromwell Property and Celtic Plc at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Cromwell Property and Celtic Plc into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cromwell Property Group and Celtic plc, you can compare the effects of market volatilities on Cromwell Property and Celtic Plc 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 Cromwell Property with a short position of Celtic Plc. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cromwell Property and Celtic Plc.
Diversification Opportunities for Cromwell Property and Celtic Plc
-0.77 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Cromwell and Celtic is -0.77. Overlapping area represents the amount of risk that can be diversified away by holding Cromwell Property Group and Celtic plc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Celtic plc and Cromwell Property 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 Cromwell Property Group are associated (or correlated) with Celtic Plc. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Celtic plc has no effect on the direction of Cromwell Property i.e., Cromwell Property and Celtic Plc go up and down completely randomly.
Pair Corralation between Cromwell Property and Celtic Plc
If you would invest 195.00 in Celtic plc on August 30, 2024 and sell it today you would earn a total of 4.00 from holding Celtic plc or generate 2.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cromwell Property Group vs. Celtic plc
Performance |
| Timeline |
| Cromwell Property |
| Celtic plc |
Cromwell Property and Celtic Plc Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cromwell Property and Celtic Plc
The main advantage of trading using opposite Cromwell Property and Celtic Plc positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cromwell Property position performs unexpectedly, Celtic Plc 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 Celtic Plc will offset losses from the drop in Celtic Plc's long position.| Cromwell Property vs. Apple Inc | Cromwell Property vs. Microsoft | Cromwell Property vs. Alphabet Inc Class C | Cromwell Property vs. Meta Platforms |
| Celtic Plc vs. Warner Music Group | Celtic Plc vs. Live Nation Entertainment | Celtic Plc vs. Atlanta Braves Holdings, | Celtic Plc vs. Warner Bros Discovery |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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