Correlation Between Sellas Life and COMCAST
Specify exactly 2 symbols:
By analyzing existing cross correlation between Sellas Life Sciences and COMCAST PORATION, you can compare the effects of market volatilities on Sellas Life 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 Sellas Life with a short position of COMCAST. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sellas Life and COMCAST.
Diversification Opportunities for Sellas Life and COMCAST
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Sellas and COMCAST is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Sellas Life Sciences and COMCAST PORATION in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COMCAST PORATION and Sellas Life 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 Sellas Life Sciences 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 PORATION has no effect on the direction of Sellas Life i.e., Sellas Life and COMCAST go up and down completely randomly.
Pair Corralation between Sellas Life and COMCAST
Considering the 90-day investment horizon Sellas Life Sciences is expected to under-perform the COMCAST. In addition to that, Sellas Life is 5.22 times more volatile than COMCAST PORATION. It trades about -0.06 of its total potential returns per unit of risk. COMCAST PORATION is currently generating about -0.2 per unit of volatility. If you would invest 9,729 in COMCAST PORATION on September 2, 2024 and sell it today you would lose (248.00) from holding COMCAST PORATION or give up 2.55% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Sellas Life Sciences vs. COMCAST PORATION
Performance |
| Timeline |
| Sellas Life Sciences |
| COMCAST PORATION |
Sellas Life and COMCAST Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sellas Life and COMCAST
The main advantage of trading using opposite Sellas Life and COMCAST positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sellas Life 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.| Sellas Life vs. NLS Pharmaceutics AG | Sellas Life vs. Mereo BioPharma Group | Sellas Life vs. Day One Biopharmaceuticals | Sellas Life vs. Reviva Pharmaceuticals Holdings |
| COMCAST vs. Sellas Life Sciences | COMCAST vs. Iridium Communications | COMCAST vs. Mink Therapeutics | COMCAST vs. Grupo Televisa SAB |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
Other Complementary Tools
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Stocks Directory Find actively traded stocks across global markets | |
| Global Correlations Find global opportunities by holding instruments from different markets |