Correlation Between SunOpta and COMCAST
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By analyzing existing cross correlation between SunOpta and COMCAST PORATION, you can compare the effects of market volatilities on SunOpta 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 SunOpta with a short position of COMCAST. Check out your portfolio center. Please also check ongoing floating volatility patterns of SunOpta and COMCAST.
Diversification Opportunities for SunOpta and COMCAST
Very good diversification
The 3 months correlation between SunOpta and COMCAST is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding SunOpta and COMCAST PORATION in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COMCAST PORATION and SunOpta 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 SunOpta 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 SunOpta i.e., SunOpta and COMCAST go up and down completely randomly.
Pair Corralation between SunOpta and COMCAST
Given the investment horizon of 90 days SunOpta is expected to generate 2.33 times more return on investment than COMCAST. However, SunOpta is 2.33 times more volatile than COMCAST PORATION. It trades about 0.29 of its potential returns per unit of risk. COMCAST PORATION is currently generating about 0.2 per unit of risk. If you would invest 675.00 in SunOpta on September 4, 2024 and sell it today you would earn a total of 95.00 from holding SunOpta or generate 14.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.48% |
| Values | Daily Returns |
SunOpta vs. COMCAST PORATION
Performance |
| Timeline |
| SunOpta |
| COMCAST PORATION |
SunOpta and COMCAST Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SunOpta and COMCAST
The main advantage of trading using opposite SunOpta and COMCAST positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SunOpta 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.| SunOpta vs. Seneca Foods Corp | SunOpta vs. Central Garden Pet | SunOpta vs. Central Garden Pet | SunOpta vs. Natures Sunshine Products |
| COMCAST vs. The Travelers Companies | COMCAST vs. GE Aerospace | COMCAST vs. Walmart | COMCAST vs. Pfizer Inc |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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