Correlation Between COMCAST and Plexus Corp
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By analyzing existing cross correlation between COMCAST P NEW and Plexus Corp, you can compare the effects of market volatilities on COMCAST and Plexus Corp 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 Plexus Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of COMCAST and Plexus Corp.
Diversification Opportunities for COMCAST and Plexus Corp
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between COMCAST and Plexus is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding COMCAST P NEW and Plexus Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Plexus Corp 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 Plexus Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Plexus Corp has no effect on the direction of COMCAST i.e., COMCAST and Plexus Corp go up and down completely randomly.
Pair Corralation between COMCAST and Plexus Corp
Assuming the 90 days trading horizon COMCAST is expected to generate 69.41 times less return on investment than Plexus Corp. But when comparing it to its historical volatility, COMCAST P NEW is 9.46 times less risky than Plexus Corp. It trades about 0.01 of its potential returns per unit of risk. Plexus Corp is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 10,316 in Plexus Corp on August 27, 2024 and sell it today you would earn a total of 5,885 from holding Plexus Corp or generate 57.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.6% |
| Values | Daily Returns |
COMCAST P NEW vs. Plexus Corp
Performance |
| Timeline |
| COMCAST P NEW |
| Plexus Corp |
COMCAST and Plexus Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with COMCAST and Plexus Corp
The main advantage of trading using opposite COMCAST and Plexus Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if COMCAST position performs unexpectedly, Plexus Corp 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 Plexus Corp will offset losses from the drop in Plexus Corp's long position.| COMCAST vs. Plexus Corp | COMCAST vs. Playtika Holding Corp | COMCAST vs. ACG Metals Limited | COMCAST vs. Lion One Metals |
| Plexus Corp vs. Celestica | Plexus Corp vs. Benchmark Electronics | Plexus Corp vs. Flex | Plexus Corp vs. Jabil Circuit |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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