Correlation Between Snowflake and COMCAST
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By analyzing existing cross correlation between Snowflake and COMCAST P NEW, you can compare the effects of market volatilities on Snowflake 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 Snowflake with a short position of COMCAST. Check out your portfolio center. Please also check ongoing floating volatility patterns of Snowflake and COMCAST.
Diversification Opportunities for Snowflake and COMCAST
Excellent diversification
The 3 months correlation between Snowflake and COMCAST is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding Snowflake 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 Snowflake 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 Snowflake 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 Snowflake i.e., Snowflake and COMCAST go up and down completely randomly.
Pair Corralation between Snowflake and COMCAST
Given the investment horizon of 90 days Snowflake is expected to generate 103.59 times less return on investment than COMCAST. But when comparing it to its historical volatility, Snowflake is 31.03 times less risky than COMCAST. It trades about 0.03 of its potential returns per unit of risk. COMCAST P NEW is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 11,305 in COMCAST P NEW on August 27, 2024 and sell it today you would lose (278.00) from holding COMCAST P NEW or give up 2.46% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 52.82% |
| Values | Daily Returns |
Snowflake vs. COMCAST P NEW
Performance |
| Timeline |
| Snowflake |
| COMCAST P NEW |
Snowflake and COMCAST Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Snowflake and COMCAST
The main advantage of trading using opposite Snowflake and COMCAST positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Snowflake 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 Snowflake 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. The Coca Cola | COMCAST vs. JPMorgan Chase Co | COMCAST vs. Dupont De Nemours | COMCAST vs. Alcoa 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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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