Correlation Between COMCAST and Marfrig Global
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By analyzing existing cross correlation between COMCAST PORATION and Marfrig Global Foods, you can compare the effects of market volatilities on COMCAST and Marfrig Global 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 Marfrig Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of COMCAST and Marfrig Global.
Diversification Opportunities for COMCAST and Marfrig Global
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between COMCAST and Marfrig is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding COMCAST PORATION and Marfrig Global Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Marfrig Global Foods 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 PORATION are associated (or correlated) with Marfrig Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Marfrig Global Foods has no effect on the direction of COMCAST i.e., COMCAST and Marfrig Global go up and down completely randomly.
Pair Corralation between COMCAST and Marfrig Global
Assuming the 90 days trading horizon COMCAST is expected to generate 5.27 times less return on investment than Marfrig Global. But when comparing it to its historical volatility, COMCAST PORATION is 2.3 times less risky than Marfrig Global. It trades about 0.08 of its potential returns per unit of risk. Marfrig Global Foods is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest 292.00 in Marfrig Global Foods on September 15, 2024 and sell it today you would earn a total of 31.00 from holding Marfrig Global Foods or generate 10.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
COMCAST PORATION vs. Marfrig Global Foods
Performance |
| Timeline |
| COMCAST PORATION |
| Marfrig Global Foods |
COMCAST and Marfrig Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with COMCAST and Marfrig Global
The main advantage of trading using opposite COMCAST and Marfrig Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if COMCAST position performs unexpectedly, Marfrig Global 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 Marfrig Global will offset losses from the drop in Marfrig Global's long position.| COMCAST vs. Marfrig Global Foods | COMCAST vs. Kinsale Capital Group | COMCAST vs. Aegon NV ADR | COMCAST vs. Assurant |
| Marfrig Global vs. BRF SA ADR | Marfrig Global vs. Pilgrims Pride Corp | Marfrig Global vs. John B Sanfilippo | Marfrig Global vs. Seneca Foods Corp |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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