Correlation Between Intel and COLUMBIA
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By analyzing existing cross correlation between Intel and COLUMBIA PIPELINE GROUP, you can compare the effects of market volatilities on Intel and COLUMBIA 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 Intel with a short position of COLUMBIA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intel and COLUMBIA.
Diversification Opportunities for Intel and COLUMBIA
Very good diversification
The 3 months correlation between Intel and COLUMBIA is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding Intel and COLUMBIA PIPELINE GROUP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COLUMBIA PIPELINE and Intel 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 Intel are associated (or correlated) with COLUMBIA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COLUMBIA PIPELINE has no effect on the direction of Intel i.e., Intel and COLUMBIA go up and down completely randomly.
Pair Corralation between Intel and COLUMBIA
Given the investment horizon of 90 days Intel is expected to under-perform the COLUMBIA. In addition to that, Intel is 21.8 times more volatile than COLUMBIA PIPELINE GROUP. It trades about -0.07 of its total potential returns per unit of risk. COLUMBIA PIPELINE GROUP is currently generating about 0.01 per unit of volatility. If you would invest 9,814 in COLUMBIA PIPELINE GROUP on September 4, 2024 and sell it today you would earn a total of 47.00 from holding COLUMBIA PIPELINE GROUP or generate 0.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.95% |
| Values | Daily Returns |
Intel vs. COLUMBIA PIPELINE GROUP
Performance |
| Timeline |
| Intel |
| COLUMBIA PIPELINE |
Intel and COLUMBIA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intel and COLUMBIA
The main advantage of trading using opposite Intel and COLUMBIA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intel position performs unexpectedly, COLUMBIA 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 COLUMBIA will offset losses from the drop in COLUMBIA's long position.| Intel vs. NXP Semiconductors NV | Intel vs. Analog Devices | Intel vs. Monolithic Power Systems | Intel vs. ON Semiconductor |
| COLUMBIA vs. Fomento Economico Mexicano | COLUMBIA vs. Sealed Air | COLUMBIA vs. Celsius Holdings | COLUMBIA vs. The Mosaic |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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