Correlation Between LB Foster and COMCAST
Specify exactly 2 symbols:
By analyzing existing cross correlation between LB Foster and COMCAST P NEW, you can compare the effects of market volatilities on LB Foster 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 LB Foster with a short position of COMCAST. Check out your portfolio center. Please also check ongoing floating volatility patterns of LB Foster and COMCAST.
Diversification Opportunities for LB Foster and COMCAST
Very good diversification
The 3 months correlation between FSTR and COMCAST is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding LB Foster 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 LB Foster 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 LB Foster 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 LB Foster i.e., LB Foster and COMCAST go up and down completely randomly.
Pair Corralation between LB Foster and COMCAST
Given the investment horizon of 90 days LB Foster is expected to generate 1.86 times more return on investment than COMCAST. However, LB Foster is 1.86 times more volatile than COMCAST P NEW. It trades about 0.31 of its potential returns per unit of risk. COMCAST P NEW is currently generating about 0.14 per unit of risk. If you would invest 2,416 in LB Foster on September 12, 2024 and sell it today you would earn a total of 491.00 from holding LB Foster or generate 20.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.91% |
| Values | Daily Returns |
LB Foster vs. COMCAST P NEW
Performance |
| Timeline |
| LB Foster |
| COMCAST P NEW |
LB Foster and COMCAST Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with LB Foster and COMCAST
The main advantage of trading using opposite LB Foster and COMCAST positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if LB Foster 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.| LB Foster vs. Trinity Industries | LB Foster vs. Freightcar America | LB Foster vs. Westinghouse Air Brake | LB Foster vs. Norfolk Southern |
| COMCAST vs. AEP TEX INC | COMCAST vs. US BANK NATIONAL | COMCAST vs. Applied Blockchain | COMCAST vs. BigBearai Holdings |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Other Complementary Tools
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Transaction History View history of all your transactions and understand their impact on performance |