Correlation Between Lincoln Electric and COMCAST
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By analyzing existing cross correlation between Lincoln Electric Holdings and COMCAST P NEW, you can compare the effects of market volatilities on Lincoln Electric 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 Lincoln Electric with a short position of COMCAST. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lincoln Electric and COMCAST.
Diversification Opportunities for Lincoln Electric and COMCAST
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Lincoln and COMCAST is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding Lincoln Electric Holdings 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 Lincoln Electric 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 Lincoln Electric Holdings 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 Lincoln Electric i.e., Lincoln Electric and COMCAST go up and down completely randomly.
Pair Corralation between Lincoln Electric and COMCAST
Given the investment horizon of 90 days Lincoln Electric Holdings is expected to under-perform the COMCAST. But the stock apears to be less risky and, when comparing its historical volatility, Lincoln Electric Holdings is 2.44 times less risky than COMCAST. The stock trades about -0.04 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 10,918 in COMCAST P NEW on September 14, 2024 and sell it today you would earn a total of 574.00 from holding COMCAST P NEW or generate 5.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 76.19% |
| Values | Daily Returns |
Lincoln Electric Holdings vs. COMCAST P NEW
Performance |
| Timeline |
| Lincoln Electric Holdings |
| COMCAST P NEW |
Lincoln Electric and COMCAST Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lincoln Electric and COMCAST
The main advantage of trading using opposite Lincoln Electric and COMCAST positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lincoln Electric 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.| Lincoln Electric vs. Kennametal | Lincoln Electric vs. Toro Co | Lincoln Electric vs. Snap On | Lincoln Electric vs. RBC Bearings Incorporated |
| COMCAST vs. RBC Bearings Incorporated | COMCAST vs. Raytech Holding Limited | COMCAST vs. Lincoln Electric Holdings | COMCAST vs. Estee Lauder Companies |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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