Correlation Between 00108WAF7 and COMCAST
Specify exactly 2 symbols:
By analyzing existing cross correlation between AEP TEX INC and COMCAST P NEW, you can compare the effects of market volatilities on 00108WAF7 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 00108WAF7 with a short position of COMCAST. Check out your portfolio center. Please also check ongoing floating volatility patterns of 00108WAF7 and COMCAST.
Diversification Opportunities for 00108WAF7 and COMCAST
Good diversification
The 3 months correlation between 00108WAF7 and COMCAST is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding AEP TEX INC 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 00108WAF7 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 AEP TEX INC 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 00108WAF7 i.e., 00108WAF7 and COMCAST go up and down completely randomly.
Pair Corralation between 00108WAF7 and COMCAST
Assuming the 90 days trading horizon AEP TEX INC is expected to generate 4.96 times more return on investment than COMCAST. However, 00108WAF7 is 4.96 times more volatile than COMCAST P NEW. It trades about 0.11 of its potential returns per unit of risk. COMCAST P NEW is currently generating about -0.19 per unit of risk. If you would invest 7,351 in AEP TEX INC on September 2, 2024 and sell it today you would earn a total of 317.00 from holding AEP TEX INC or generate 4.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 66.67% |
| Values | Daily Returns |
AEP TEX INC vs. COMCAST P NEW
Performance |
| Timeline |
| AEP TEX INC |
| COMCAST P NEW |
00108WAF7 and COMCAST Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 00108WAF7 and COMCAST
The main advantage of trading using opposite 00108WAF7 and COMCAST positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 00108WAF7 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.| 00108WAF7 vs. Zhihu Inc ADR | 00108WAF7 vs. Playtika Holding Corp | 00108WAF7 vs. Thor Industries | 00108WAF7 vs. Dana Inc |
| COMCAST vs. Shoe Carnival | COMCAST vs. Vera Bradley | COMCAST vs. Where Food Comes | COMCAST vs. Boot Barn Holdings |
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 CEOs Directory module to screen CEOs from public companies around the world.
Other Complementary Tools
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios |