Correlation Between COMCAST and Travelers Companies
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By analyzing existing cross correlation between COMCAST PORATION and The Travelers Companies, you can compare the effects of market volatilities on COMCAST and Travelers Companies 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 Travelers Companies. Check out your portfolio center. Please also check ongoing floating volatility patterns of COMCAST and Travelers Companies.
Diversification Opportunities for COMCAST and Travelers Companies
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between COMCAST and Travelers is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding COMCAST PORATION and The Travelers Companies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on The Travelers Companies 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 Travelers Companies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of The Travelers Companies has no effect on the direction of COMCAST i.e., COMCAST and Travelers Companies go up and down completely randomly.
Pair Corralation between COMCAST and Travelers Companies
Assuming the 90 days trading horizon COMCAST PORATION is expected to generate 1.1 times more return on investment than Travelers Companies. However, COMCAST is 1.1 times more volatile than The Travelers Companies. It trades about 0.05 of its potential returns per unit of risk. The Travelers Companies is currently generating about -0.15 per unit of risk. If you would invest 7,752 in COMCAST PORATION on September 12, 2024 and sell it today you would earn a total of 84.00 from holding COMCAST PORATION or generate 1.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
COMCAST PORATION vs. The Travelers Companies
Performance |
| Timeline |
| COMCAST PORATION |
| The Travelers Companies |
COMCAST and Travelers Companies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with COMCAST and Travelers Companies
The main advantage of trading using opposite COMCAST and Travelers Companies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if COMCAST position performs unexpectedly, Travelers Companies 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 Travelers Companies will offset losses from the drop in Travelers Companies' long position.| COMCAST vs. AEP TEX INC | COMCAST vs. US BANK NATIONAL | COMCAST vs. Applied Blockchain | COMCAST vs. BigBearai Holdings |
| Travelers Companies vs. Aeye Inc | Travelers Companies vs. Ep Emerging Markets | Travelers Companies vs. LiCycle Holdings Corp | Travelers Companies vs. SEI Investments |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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