Correlation Between Siriuspoint and Celsius Holdings
Can any of the company-specific risk be diversified away by investing in both Siriuspoint and Celsius Holdings at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Siriuspoint and Celsius Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Siriuspoint and Celsius Holdings, you can compare the effects of market volatilities on Siriuspoint and Celsius Holdings 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 Siriuspoint with a short position of Celsius Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Siriuspoint and Celsius Holdings.
Diversification Opportunities for Siriuspoint and Celsius Holdings
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between Siriuspoint and Celsius is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding Siriuspoint and Celsius Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Celsius Holdings and Siriuspoint 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 Siriuspoint are associated (or correlated) with Celsius Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Celsius Holdings has no effect on the direction of Siriuspoint i.e., Siriuspoint and Celsius Holdings go up and down completely randomly.
Pair Corralation between Siriuspoint and Celsius Holdings
Given the investment horizon of 90 days Siriuspoint is expected to generate 0.81 times more return on investment than Celsius Holdings. However, Siriuspoint is 1.24 times less risky than Celsius Holdings. It trades about 0.22 of its potential returns per unit of risk. Celsius Holdings is currently generating about -0.14 per unit of risk. If you would invest 1,359 in Siriuspoint on August 29, 2024 and sell it today you would earn a total of 184.00 from holding Siriuspoint or generate 13.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Siriuspoint vs. Celsius Holdings
Performance |
| Timeline |
| Siriuspoint |
| Celsius Holdings |
Siriuspoint and Celsius Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Siriuspoint and Celsius Holdings
The main advantage of trading using opposite Siriuspoint and Celsius Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Siriuspoint position performs unexpectedly, Celsius Holdings 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 Celsius Holdings will offset losses from the drop in Celsius Holdings' long position.| Siriuspoint vs. Maiden Holdings | Siriuspoint vs. Greenlight Capital Re | Siriuspoint vs. RenaissanceRe Holdings | Siriuspoint vs. Renaissancere Holdings |
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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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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