Correlation Between Dolphin Entertainment and Celsius Holdings
Can any of the company-specific risk be diversified away by investing in both Dolphin Entertainment and Celsius Holdings 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 Dolphin Entertainment and Celsius Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Dolphin Entertainment and Celsius Holdings, you can compare the effects of market volatilities on Dolphin Entertainment and Celsius Holdings 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 Dolphin Entertainment with a short position of Celsius Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dolphin Entertainment and Celsius Holdings.
Diversification Opportunities for Dolphin Entertainment and Celsius Holdings
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Dolphin and Celsius is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding Dolphin Entertainment and Celsius Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Celsius Holdings and Dolphin Entertainment 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 Dolphin Entertainment are associated (or correlated) with Celsius Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Celsius Holdings has no effect on the direction of Dolphin Entertainment i.e., Dolphin Entertainment and Celsius Holdings go up and down completely randomly.
Pair Corralation between Dolphin Entertainment and Celsius Holdings
Given the investment horizon of 90 days Dolphin Entertainment is expected to under-perform the Celsius Holdings. In addition to that, Dolphin Entertainment is 1.15 times more volatile than Celsius Holdings. It trades about -0.17 of its total potential returns per unit of risk. Celsius Holdings is currently generating about -0.09 per unit of volatility. If you would invest 3,140 in Celsius Holdings on August 27, 2024 and sell it today you would lose (209.00) from holding Celsius Holdings or give up 6.66% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Dolphin Entertainment vs. Celsius Holdings
Performance |
| Timeline |
| Dolphin Entertainment |
| Celsius Holdings |
Dolphin Entertainment and Celsius Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dolphin Entertainment and Celsius Holdings
The main advantage of trading using opposite Dolphin Entertainment and Celsius Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dolphin Entertainment position performs unexpectedly, Celsius Holdings 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 Celsius Holdings will offset losses from the drop in Celsius Holdings' long position.| Dolphin Entertainment vs. Hall of Fame | Dolphin Entertainment vs. Wisekey International Holding | Dolphin Entertainment vs. Oriental Culture Holding |
| Celsius Holdings vs. Vita Coco | Celsius Holdings vs. Keurig Dr Pepper | Celsius Holdings vs. PepsiCo | Celsius Holdings vs. Coca Cola Femsa SAB |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
Other Complementary Tools
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Transaction History View history of all your transactions and understand their impact on performance |