Correlation Between CMCSA and NanoTech Gaming

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Can any of the company-specific risk be diversified away by investing in both CMCSA and NanoTech Gaming at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining CMCSA and NanoTech Gaming into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CMCSA 2937 01 NOV 56 and NanoTech Gaming, you can compare the effects of market volatilities on CMCSA and NanoTech Gaming 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 CMCSA with a short position of NanoTech Gaming. Check out your portfolio center. Please also check ongoing floating volatility patterns of CMCSA and NanoTech Gaming.

Diversification Opportunities for CMCSA and NanoTech Gaming

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between CMCSA and NanoTech is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CMCSA 2937 01 NOV 56 and NanoTech Gaming in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NanoTech Gaming and CMCSA 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 CMCSA 2937 01 NOV 56 are associated (or correlated) with NanoTech Gaming. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NanoTech Gaming has no effect on the direction of CMCSA i.e., CMCSA and NanoTech Gaming go up and down completely randomly.

Pair Corralation between CMCSA and NanoTech Gaming

If you would invest  5,846  in CMCSA 2937 01 NOV 56 on October 25, 2024 and sell it today you would earn a total of  1,471  from holding CMCSA 2937 01 NOV 56 or generate 25.16% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy95.24%
ValuesDaily Returns

CMCSA 2937 01 NOV 56  vs.  NanoTech Gaming

 Performance 
       Timeline  
CMCSA 2937 01 

Risk-Adjusted Performance

7 of 100

 
Weak
 
Strong
OK
Compared to the overall equity markets, risk-adjusted returns on investments in CMCSA 2937 01 NOV 56 are ranked lower than 7 (%) of all global equities and portfolios over the last 90 days. Despite somewhat inconsistent basic indicators, CMCSA sustained solid returns over the last few months and may actually be approaching a breakup point.
NanoTech Gaming 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days NanoTech Gaming has generated negative risk-adjusted returns adding no value to investors with long positions. Despite quite persistent technical and fundamental indicators, NanoTech Gaming is not utilizing all of its potentials. The current stock price mess, may contribute to short-term losses for the institutional investors.

CMCSA and NanoTech Gaming Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with CMCSA and NanoTech Gaming

The main advantage of trading using opposite CMCSA and NanoTech Gaming positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CMCSA position performs unexpectedly, NanoTech Gaming 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 NanoTech Gaming will offset losses from the drop in NanoTech Gaming's long position.
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The idea behind CMCSA 2937 01 NOV 56 and NanoTech Gaming pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.

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