Correlation Between 00108WAF7 and CMCSA
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By analyzing existing cross correlation between AEP TEX INC and CMCSA 465 15 FEB 33, you can compare the effects of market volatilities on 00108WAF7 and CMCSA 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 CMCSA. Check out your portfolio center. Please also check ongoing floating volatility patterns of 00108WAF7 and CMCSA.
Diversification Opportunities for 00108WAF7 and CMCSA
Significant diversification
The 3 months correlation between 00108WAF7 and CMCSA is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding AEP TEX INC and CMCSA 465 15 FEB 33 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CMCSA 465 15 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 CMCSA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CMCSA 465 15 has no effect on the direction of 00108WAF7 i.e., 00108WAF7 and CMCSA go up and down completely randomly.
Pair Corralation between 00108WAF7 and CMCSA
Assuming the 90 days trading horizon AEP TEX INC is expected to generate 265.14 times more return on investment than CMCSA. However, 00108WAF7 is 265.14 times more volatile than CMCSA 465 15 FEB 33. It trades about 0.14 of its potential returns per unit of risk. CMCSA 465 15 FEB 33 is currently generating about 0.0 per unit of risk. If you would invest 7,490 in AEP TEX INC on September 2, 2024 and sell it today you would earn a total of 178.00 from holding AEP TEX INC or generate 2.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 65.31% |
| Values | Daily Returns |
AEP TEX INC vs. CMCSA 465 15 FEB 33
Performance |
| Timeline |
| AEP TEX INC |
| CMCSA 465 15 |
00108WAF7 and CMCSA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 00108WAF7 and CMCSA
The main advantage of trading using opposite 00108WAF7 and CMCSA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 00108WAF7 position performs unexpectedly, CMCSA 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 CMCSA will offset losses from the drop in CMCSA's long position.| 00108WAF7 vs. Zhihu Inc ADR | 00108WAF7 vs. Playtika Holding Corp | 00108WAF7 vs. Thor Industries | 00108WAF7 vs. Dana 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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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