Correlation Between COMCAST and Globalfoundries
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By analyzing existing cross correlation between COMCAST P NEW and Globalfoundries, you can compare the effects of market volatilities on COMCAST and Globalfoundries 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 Globalfoundries. Check out your portfolio center. Please also check ongoing floating volatility patterns of COMCAST and Globalfoundries.
Diversification Opportunities for COMCAST and Globalfoundries
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between COMCAST and Globalfoundries is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding COMCAST P NEW and Globalfoundries in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Globalfoundries 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 Globalfoundries. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Globalfoundries has no effect on the direction of COMCAST i.e., COMCAST and Globalfoundries go up and down completely randomly.
Pair Corralation between COMCAST and Globalfoundries
Assuming the 90 days trading horizon COMCAST P NEW is expected to under-perform the Globalfoundries. But the bond apears to be less risky and, when comparing its historical volatility, COMCAST P NEW is 7.66 times less risky than Globalfoundries. The bond trades about -0.14 of its potential returns per unit of risk. The Globalfoundries is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 4,025 in Globalfoundries on August 30, 2024 and sell it today you would earn a total of 260.00 from holding Globalfoundries or generate 6.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 93.18% |
| Values | Daily Returns |
COMCAST P NEW vs. Globalfoundries
Performance |
| Timeline |
| COMCAST P NEW |
| Globalfoundries |
COMCAST and Globalfoundries Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with COMCAST and Globalfoundries
The main advantage of trading using opposite COMCAST and Globalfoundries positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if COMCAST position performs unexpectedly, Globalfoundries 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 Globalfoundries will offset losses from the drop in Globalfoundries' long position.| COMCAST vs. Emerson Radio | COMCAST vs. National CineMedia | COMCAST vs. Canlan Ice Sports | COMCAST vs. Contagious Gaming |
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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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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