Correlation Between Funko and COMCAST
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By analyzing existing cross correlation between Funko Inc and COMCAST P NEW, you can compare the effects of market volatilities on Funko 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 Funko with a short position of COMCAST. Check out your portfolio center. Please also check ongoing floating volatility patterns of Funko and COMCAST.
Diversification Opportunities for Funko and COMCAST
Very weak diversification
The 3 months correlation between Funko and COMCAST is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Funko Inc and COMCAST P NEW in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COMCAST P NEW and Funko 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 Funko Inc 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 P NEW has no effect on the direction of Funko i.e., Funko and COMCAST go up and down completely randomly.
Pair Corralation between Funko and COMCAST
Given the investment horizon of 90 days Funko Inc is expected to generate 1.53 times more return on investment than COMCAST. However, Funko is 1.53 times more volatile than COMCAST P NEW. It trades about 0.09 of its potential returns per unit of risk. COMCAST P NEW is currently generating about 0.05 per unit of risk. If you would invest 672.00 in Funko Inc on September 4, 2024 and sell it today you would earn a total of 489.00 from holding Funko Inc or generate 72.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 43.32% |
| Values | Daily Returns |
Funko Inc vs. COMCAST P NEW
Performance |
| Timeline |
| Funko Inc |
| COMCAST P NEW |
Funko and COMCAST Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Funko and COMCAST
The main advantage of trading using opposite Funko and COMCAST positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Funko 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.The idea behind Funko Inc and COMCAST P NEW pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| COMCAST vs. Integral Ad Science | COMCAST vs. Dolphin Entertainment | COMCAST vs. Meli Hotels International | COMCAST vs. Dennys Corp |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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