Correlation Between Snap and COMCAST
Specify exactly 2 symbols:
By analyzing existing cross correlation between Snap Inc and COMCAST P NEW, you can compare the effects of market volatilities on Snap 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 Snap with a short position of COMCAST. Check out your portfolio center. Please also check ongoing floating volatility patterns of Snap and COMCAST.
Diversification Opportunities for Snap and COMCAST
Excellent diversification
The 3 months correlation between Snap and COMCAST is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding Snap Inc 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 Snap 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 Snap Inc 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 Snap i.e., Snap and COMCAST go up and down completely randomly.
Pair Corralation between Snap and COMCAST
Given the investment horizon of 90 days Snap Inc is expected to under-perform the COMCAST. In addition to that, Snap is 3.98 times more volatile than COMCAST P NEW. It trades about -0.04 of its total potential returns per unit of risk. COMCAST P NEW is currently generating about -0.02 per unit of volatility. If you would invest 8,759 in COMCAST P NEW on August 30, 2024 and sell it today you would lose (237.00) from holding COMCAST P NEW or give up 2.71% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 85.71% |
| Values | Daily Returns |
Snap Inc vs. COMCAST P NEW
Performance |
| Timeline |
| Snap Inc |
| COMCAST P NEW |
Snap and COMCAST Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Snap and COMCAST
The main advantage of trading using opposite Snap and COMCAST positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Snap 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.The idea behind Snap Inc and COMCAST P NEW pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| COMCAST vs. Harmony Gold Mining | COMCAST vs. Exchange Bankshares | COMCAST vs. Juniata Valley Financial | COMCAST vs. Avient Corp |
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 Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
Other Complementary Tools
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance |