Correlation Between Intel and COMCAST
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By analyzing existing cross correlation between Intel and COMCAST P NEW, you can compare the effects of market volatilities on Intel 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 Intel with a short position of COMCAST. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intel and COMCAST.
Diversification Opportunities for Intel and COMCAST
Excellent diversification
The 3 months correlation between Intel and COMCAST is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding Intel 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 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 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 Intel i.e., Intel and COMCAST go up and down completely randomly.
Pair Corralation between Intel and COMCAST
Given the investment horizon of 90 days Intel is expected to under-perform the COMCAST. But the stock apears to be less risky and, when comparing its historical volatility, Intel is 40.44 times less risky than COMCAST. The stock trades about -0.01 of its potential returns per unit of risk. The COMCAST P NEW is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 8,095 in COMCAST P NEW on September 2, 2024 and sell it today you would lose (265.00) from holding COMCAST P NEW or give up 3.27% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 94.35% |
| Values | Daily Returns |
Intel vs. COMCAST P NEW
Performance |
| Timeline |
| Intel |
| COMCAST P NEW |
Intel and COMCAST Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intel and COMCAST
The main advantage of trading using opposite Intel and COMCAST positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intel 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.| Intel vs. NXP Semiconductors NV | Intel vs. GSI Technology | Intel vs. MaxLinear | Intel vs. Texas Instruments Incorporated |
| COMCAST vs. US Global Investors | COMCAST vs. Fidus Investment Corp | COMCAST vs. Funko Inc | COMCAST vs. Bank of New |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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