Correlation Between Contagious Gaming and Celsius Holdings
Can any of the company-specific risk be diversified away by investing in both Contagious Gaming and Celsius Holdings at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Contagious Gaming and Celsius Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Contagious Gaming and Celsius Holdings, you can compare the effects of market volatilities on Contagious Gaming and Celsius Holdings 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 Contagious Gaming with a short position of Celsius Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Contagious Gaming and Celsius Holdings.
Diversification Opportunities for Contagious Gaming and Celsius Holdings
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Contagious and Celsius is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Contagious Gaming and Celsius Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Celsius Holdings and Contagious Gaming 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 Contagious Gaming are associated (or correlated) with Celsius Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Celsius Holdings has no effect on the direction of Contagious Gaming i.e., Contagious Gaming and Celsius Holdings go up and down completely randomly.
Pair Corralation between Contagious Gaming and Celsius Holdings
Assuming the 90 days horizon Contagious Gaming is expected to generate 1.99 times more return on investment than Celsius Holdings. However, Contagious Gaming is 1.99 times more volatile than Celsius Holdings. It trades about 0.0 of its potential returns per unit of risk. Celsius Holdings is currently generating about 0.0 per unit of risk. If you would invest 0.87 in Contagious Gaming on September 3, 2024 and sell it today you would lose (0.65) from holding Contagious Gaming or give up 74.71% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
Contagious Gaming vs. Celsius Holdings
Performance |
| Timeline |
| Contagious Gaming |
| Celsius Holdings |
Contagious Gaming and Celsius Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Contagious Gaming and Celsius Holdings
The main advantage of trading using opposite Contagious Gaming and Celsius Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Contagious Gaming position performs unexpectedly, Celsius Holdings 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 Celsius Holdings will offset losses from the drop in Celsius Holdings' long position.| Contagious Gaming vs. US Global Investors | Contagious Gaming vs. Waste Management | Contagious Gaming vs. Viemed Healthcare | Contagious Gaming vs. Omni Health |
| Celsius Holdings vs. Vita Coco | Celsius Holdings vs. Keurig Dr Pepper | Celsius Holdings vs. PepsiCo | Celsius Holdings vs. Coca Cola Femsa SAB |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum |