Correlation Between NYSE Composite and COMCAST
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By analyzing existing cross correlation between NYSE Composite and COMCAST P NEW, you can compare the effects of market volatilities on NYSE Composite 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 NYSE Composite with a short position of COMCAST. Check out your portfolio center. Please also check ongoing floating volatility patterns of NYSE Composite and COMCAST.
Diversification Opportunities for NYSE Composite and COMCAST
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between NYSE and COMCAST is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding NYSE Composite 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 NYSE Composite 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 NYSE Composite 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 NYSE Composite i.e., NYSE Composite and COMCAST go up and down completely randomly.
Pair Corralation between NYSE Composite and COMCAST
Assuming the 90 days trading horizon NYSE Composite is expected to generate 1.76 times more return on investment than COMCAST. However, NYSE Composite is 1.76 times more volatile than COMCAST P NEW. It trades about 0.14 of its potential returns per unit of risk. COMCAST P NEW is currently generating about -0.14 per unit of risk. If you would invest 1,951,644 in NYSE Composite on August 30, 2024 and sell it today you would earn a total of 69,338 from holding NYSE Composite or generate 3.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 90.91% |
| Values | Daily Returns |
NYSE Composite vs. COMCAST P NEW
Performance |
| Timeline |
NYSE Composite and COMCAST Volatility Contrast
Predicted Return Density |
| Returns |
NYSE Composite
Pair trading matchups for NYSE Composite
COMCAST P NEW
Pair trading matchups for COMCAST
Pair Trading with NYSE Composite and COMCAST
The main advantage of trading using opposite NYSE Composite and COMCAST positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NYSE Composite 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.| NYSE Composite vs. Delek Drilling | NYSE Composite vs. Helmerich and Payne | NYSE Composite vs. Waste Management | NYSE Composite vs. US Global Investors |
| COMCAST vs. AerSale Corp | COMCAST vs. Ryanair Holdings PLC | COMCAST vs. Dave Busters Entertainment | COMCAST vs. Cebu Air ADR |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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