Correlation Between COMCAST and Hafnia
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By analyzing existing cross correlation between COMCAST P NEW and Hafnia Limited, you can compare the effects of market volatilities on COMCAST and Hafnia 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 COMCAST with a short position of Hafnia. Check out your portfolio center. Please also check ongoing floating volatility patterns of COMCAST and Hafnia.
Diversification Opportunities for COMCAST and Hafnia
Very good diversification
The 3 months correlation between COMCAST and Hafnia is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding COMCAST P NEW and Hafnia Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hafnia Limited and COMCAST 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 COMCAST P NEW are associated (or correlated) with Hafnia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hafnia Limited has no effect on the direction of COMCAST i.e., COMCAST and Hafnia go up and down completely randomly.
Pair Corralation between COMCAST and Hafnia
Assuming the 90 days trading horizon COMCAST P NEW is expected to generate 0.95 times more return on investment than Hafnia. However, COMCAST P NEW is 1.05 times less risky than Hafnia. It trades about 0.05 of its potential returns per unit of risk. Hafnia Limited is currently generating about 0.02 per unit of risk. If you would invest 8,609 in COMCAST P NEW on September 3, 2024 and sell it today you would earn a total of 889.00 from holding COMCAST P NEW or generate 10.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 43.5% |
| Values | Daily Returns |
COMCAST P NEW vs. Hafnia Limited
Performance |
| Timeline |
| COMCAST P NEW |
| Hafnia Limited |
COMCAST and Hafnia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with COMCAST and Hafnia
The main advantage of trading using opposite COMCAST and Hafnia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if COMCAST position performs unexpectedly, Hafnia 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 Hafnia will offset losses from the drop in Hafnia's long position.| COMCAST vs. Playa Hotels Resorts | COMCAST vs. Universal Display | COMCAST vs. Funko Inc | COMCAST vs. Patterson UTI Energy |
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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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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