Correlation Between National CineMedia and CMCSA
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By analyzing existing cross correlation between National CineMedia and CMCSA 2937 01 NOV 56, you can compare the effects of market volatilities on National CineMedia and CMCSA 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 National CineMedia with a short position of CMCSA. Check out your portfolio center. Please also check ongoing floating volatility patterns of National CineMedia and CMCSA.
Diversification Opportunities for National CineMedia and CMCSA
0.02 | Correlation Coefficient |
Significant diversification
The 3 months correlation between National and CMCSA is 0.02. Overlapping area represents the amount of risk that can be diversified away by holding National CineMedia and CMCSA 2937 01 NOV 56 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CMCSA 2937 01 and National CineMedia 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 National CineMedia are associated (or correlated) with CMCSA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CMCSA 2937 01 has no effect on the direction of National CineMedia i.e., National CineMedia and CMCSA go up and down completely randomly.
Pair Corralation between National CineMedia and CMCSA
Given the investment horizon of 90 days National CineMedia is expected to generate 1.75 times more return on investment than CMCSA. However, National CineMedia is 1.75 times more volatile than CMCSA 2937 01 NOV 56. It trades about 0.27 of its potential returns per unit of risk. CMCSA 2937 01 NOV 56 is currently generating about 0.19 per unit of risk. If you would invest 676.00 in National CineMedia on September 13, 2024 and sell it today you would earn a total of 69.50 from holding National CineMedia or generate 10.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 90.91% |
| Values | Daily Returns |
National CineMedia vs. CMCSA 2937 01 NOV 56
Performance |
| Timeline |
| National CineMedia |
| CMCSA 2937 01 |
National CineMedia and CMCSA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with National CineMedia and CMCSA
The main advantage of trading using opposite National CineMedia and CMCSA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if National CineMedia position performs unexpectedly, CMCSA 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 CMCSA will offset losses from the drop in CMCSA's long position.| National CineMedia vs. MGO Global Common | National CineMedia vs. Baosheng Media Group | National CineMedia vs. Glory Star New | National CineMedia vs. Impact Fusion International |
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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