Correlation Between Employers Holdings and COMCAST
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By analyzing existing cross correlation between Employers Holdings and COMCAST PORATION, you can compare the effects of market volatilities on Employers Holdings 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 Employers Holdings with a short position of COMCAST. Check out your portfolio center. Please also check ongoing floating volatility patterns of Employers Holdings and COMCAST.
Diversification Opportunities for Employers Holdings and COMCAST
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Employers and COMCAST is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding Employers Holdings and COMCAST PORATION in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COMCAST PORATION and Employers Holdings 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 Employers Holdings 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 PORATION has no effect on the direction of Employers Holdings i.e., Employers Holdings and COMCAST go up and down completely randomly.
Pair Corralation between Employers Holdings and COMCAST
Considering the 90-day investment horizon Employers Holdings is expected to generate 4.07 times more return on investment than COMCAST. However, Employers Holdings is 4.07 times more volatile than COMCAST PORATION. It trades about 0.08 of its potential returns per unit of risk. COMCAST PORATION is currently generating about 0.0 per unit of risk. If you would invest 3,708 in Employers Holdings on September 2, 2024 and sell it today you would earn a total of 1,628 from holding Employers Holdings or generate 43.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 98.92% |
| Values | Daily Returns |
Employers Holdings vs. COMCAST PORATION
Performance |
| Timeline |
| Employers Holdings |
| COMCAST PORATION |
Employers Holdings and COMCAST Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Employers Holdings and COMCAST
The main advantage of trading using opposite Employers Holdings and COMCAST positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Employers Holdings 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.| Employers Holdings vs. ICC Holdings | Employers Holdings vs. AMERISAFE | Employers Holdings vs. NMI Holdings | Employers Holdings vs. Investors Title |
| COMCAST vs. Sellas Life Sciences | COMCAST vs. Iridium Communications | COMCAST vs. Mink Therapeutics | COMCAST vs. Grupo Televisa 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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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