Correlation Between Skechers USA and CMCSA
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By analyzing existing cross correlation between Skechers USA and CMCSA 2937 01 NOV 56, you can compare the effects of market volatilities on Skechers USA 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 Skechers USA with a short position of CMCSA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Skechers USA and CMCSA.
Diversification Opportunities for Skechers USA and CMCSA
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Skechers and CMCSA is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Skechers USA 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 Skechers USA 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 Skechers USA 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 Skechers USA i.e., Skechers USA and CMCSA go up and down completely randomly.
Pair Corralation between Skechers USA and CMCSA
Considering the 90-day investment horizon Skechers USA is expected to generate 1.8 times more return on investment than CMCSA. However, Skechers USA is 1.8 times more volatile than CMCSA 2937 01 NOV 56. It trades about 0.39 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 6,076 in Skechers USA on September 13, 2024 and sell it today you would earn a total of 949.00 from holding Skechers USA or generate 15.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 90.91% |
| Values | Daily Returns |
Skechers USA vs. CMCSA 2937 01 NOV 56
Performance |
| Timeline |
| Skechers USA |
| CMCSA 2937 01 |
Skechers USA and CMCSA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Skechers USA and CMCSA
The main advantage of trading using opposite Skechers USA and CMCSA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Skechers USA 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.| Skechers USA vs. Crocs Inc | Skechers USA vs. On Holding | Skechers USA vs. Nike Inc | Skechers USA vs. Designer Brands |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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