Correlation Between RBC Bearings and COMCAST
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By analyzing existing cross correlation between RBC Bearings Incorporated and COMCAST P NEW, you can compare the effects of market volatilities on RBC Bearings 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 RBC Bearings with a short position of COMCAST. Check out your portfolio center. Please also check ongoing floating volatility patterns of RBC Bearings and COMCAST.
Diversification Opportunities for RBC Bearings and COMCAST
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between RBC and COMCAST is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding RBC Bearings Incorporated 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 RBC Bearings 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 RBC Bearings Incorporated 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 RBC Bearings i.e., RBC Bearings and COMCAST go up and down completely randomly.
Pair Corralation between RBC Bearings and COMCAST
Considering the 90-day investment horizon RBC Bearings Incorporated is expected to generate 1.42 times more return on investment than COMCAST. However, RBC Bearings is 1.42 times more volatile than COMCAST P NEW. It trades about 0.1 of its potential returns per unit of risk. COMCAST P NEW is currently generating about 0.01 per unit of risk. If you would invest 22,165 in RBC Bearings Incorporated on December 3, 2024 and sell it today you would earn a total of 13,430 from holding RBC Bearings Incorporated or generate 60.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 62.2% |
| Values | Daily Returns |
RBC Bearings Incorporated vs. COMCAST P NEW
Performance |
| Timeline |
| RBC Bearings |
| COMCAST P NEW |
RBC Bearings and COMCAST Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with RBC Bearings and COMCAST
The main advantage of trading using opposite RBC Bearings and COMCAST positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if RBC Bearings 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.| RBC Bearings vs. Lincoln Electric Holdings | RBC Bearings vs. Kennametal | RBC Bearings vs. Toro Co | RBC Bearings vs. Snap On |
| COMCAST vs. Vishay Intertechnology | COMCAST vs. HNI Corp | COMCAST vs. Cresud SACIF y | COMCAST vs. Falcon Metals Limited |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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