Correlation Between Summit Hotel and COMCAST
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By analyzing existing cross correlation between Summit Hotel Properties and COMCAST PORATION, you can compare the effects of market volatilities on Summit Hotel 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 Summit Hotel with a short position of COMCAST. Check out your portfolio center. Please also check ongoing floating volatility patterns of Summit Hotel and COMCAST.
Diversification Opportunities for Summit Hotel and COMCAST
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Summit and COMCAST is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Summit Hotel Properties and COMCAST PORATION in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COMCAST PORATION and Summit Hotel 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 Summit Hotel Properties 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 Summit Hotel i.e., Summit Hotel and COMCAST go up and down completely randomly.
Pair Corralation between Summit Hotel and COMCAST
Considering the 90-day investment horizon Summit Hotel is expected to generate 42.57 times less return on investment than COMCAST. But when comparing it to its historical volatility, Summit Hotel Properties is 27.04 times less risky than COMCAST. It trades about 0.03 of its potential returns per unit of risk. COMCAST PORATION is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 8,398 in COMCAST PORATION on September 12, 2024 and sell it today you would lose (225.00) from holding COMCAST PORATION or give up 2.68% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 97.44% |
| Values | Daily Returns |
Summit Hotel Properties vs. COMCAST PORATION
Performance |
| Timeline |
| Summit Hotel Properties |
| COMCAST PORATION |
Summit Hotel and COMCAST Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Summit Hotel and COMCAST
The main advantage of trading using opposite Summit Hotel and COMCAST positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Summit Hotel 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.| Summit Hotel vs. Diamondrock Hospitality | Summit Hotel vs. RLJ Lodging Trust | Summit Hotel vs. Pebblebrook Hotel Trust | Summit Hotel vs. Sunstone Hotel Investors |
| COMCAST vs. Citizens Bancorp Investment | COMCAST vs. Cedar Realty Trust | COMCAST vs. Summit Hotel Properties | COMCAST vs. Artisan Partners Asset |
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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