Correlation Between Snowflake and COMCAST
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By analyzing existing cross correlation between Snowflake and COMCAST PORATION, 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
Modest diversification
The 3 months correlation between Snowflake and COMCAST is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Snowflake and COMCAST PORATION in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COMCAST PORATION 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 PORATION 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 7.11 times more return on investment than COMCAST. However, Snowflake is 7.11 times more volatile than COMCAST PORATION. It trades about 0.2 of its potential returns per unit of risk. COMCAST PORATION is currently generating about 0.22 per unit of risk. If you would invest 17,079 in Snowflake on November 18, 2024 and sell it today you would earn a total of 1,681 from holding Snowflake or generate 9.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Snowflake vs. COMCAST PORATION
Performance |
| Timeline |
| Snowflake |
| COMCAST PORATION |
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 PORATION 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. Westinghouse Air Brake | COMCAST vs. El Pollo Loco | COMCAST vs. Sinclair Broadcast Group | COMCAST vs. Air Lease |
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.
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