Correlation Between FIBRA Storage and Comcast
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By analyzing existing cross correlation between FIBRA Storage and Comcast, you can compare the effects of market volatilities on FIBRA Storage 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 FIBRA Storage with a short position of Comcast. Check out your portfolio center. Please also check ongoing floating volatility patterns of FIBRA Storage and Comcast.
Diversification Opportunities for FIBRA Storage and Comcast
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between FIBRA and Comcast is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding FIBRA Storage and Comcast in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Comcast and FIBRA Storage 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 FIBRA Storage 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 has no effect on the direction of FIBRA Storage i.e., FIBRA Storage and Comcast go up and down completely randomly.
Pair Corralation between FIBRA Storage and Comcast
Assuming the 90 days trading horizon FIBRA Storage is expected to generate 2.52 times less return on investment than Comcast. But when comparing it to its historical volatility, FIBRA Storage is 1.75 times less risky than Comcast. It trades about 0.09 of its potential returns per unit of risk. Comcast is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 69,941 in Comcast on September 3, 2024 and sell it today you would earn a total of 18,659 from holding Comcast or generate 26.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 70.63% |
| Values | Daily Returns |
FIBRA Storage vs. Comcast
Performance |
| Timeline |
| FIBRA Storage |
| Comcast |
FIBRA Storage and Comcast Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FIBRA Storage and Comcast
The main advantage of trading using opposite FIBRA Storage and Comcast positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FIBRA Storage 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.| FIBRA Storage vs. Apple Inc | FIBRA Storage vs. Microsoft | FIBRA Storage vs. Alphabet Inc Class A | FIBRA Storage vs. Alphabet Inc |
| Comcast vs. DXC Technology | Comcast vs. FIBRA Storage | Comcast vs. Verizon Communications | Comcast vs. United States Steel |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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