Correlation Between COMERICA and Lindblad Expeditions
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By analyzing existing cross correlation between COMERICA INC 4 and Lindblad Expeditions Holdings, you can compare the effects of market volatilities on COMERICA and Lindblad Expeditions 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 COMERICA with a short position of Lindblad Expeditions. Check out your portfolio center. Please also check ongoing floating volatility patterns of COMERICA and Lindblad Expeditions.
Diversification Opportunities for COMERICA and Lindblad Expeditions
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between COMERICA and Lindblad is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding COMERICA INC 4 and Lindblad Expeditions Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lindblad Expeditions and COMERICA 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 COMERICA INC 4 are associated (or correlated) with Lindblad Expeditions. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lindblad Expeditions has no effect on the direction of COMERICA i.e., COMERICA and Lindblad Expeditions go up and down completely randomly.
Pair Corralation between COMERICA and Lindblad Expeditions
Assuming the 90 days trading horizon COMERICA is expected to generate 8.56 times less return on investment than Lindblad Expeditions. But when comparing it to its historical volatility, COMERICA INC 4 is 6.27 times less risky than Lindblad Expeditions. It trades about 0.08 of its potential returns per unit of risk. Lindblad Expeditions Holdings is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 763.00 in Lindblad Expeditions Holdings on August 30, 2024 and sell it today you would earn a total of 497.00 from holding Lindblad Expeditions Holdings or generate 65.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 96.83% |
| Values | Daily Returns |
COMERICA INC 4 vs. Lindblad Expeditions Holdings
Performance |
| Timeline |
| COMERICA INC 4 |
| Lindblad Expeditions |
COMERICA and Lindblad Expeditions Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with COMERICA and Lindblad Expeditions
The main advantage of trading using opposite COMERICA and Lindblad Expeditions positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if COMERICA position performs unexpectedly, Lindblad Expeditions 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 Lindblad Expeditions will offset losses from the drop in Lindblad Expeditions' long position.| COMERICA vs. Lindblad Expeditions Holdings | COMERICA vs. Videolocity International | COMERICA vs. Mills Music Trust | COMERICA vs. Warner Music Group |
| Lindblad Expeditions vs. Yatra Online | Lindblad Expeditions vs. Despegar Corp | Lindblad Expeditions vs. Mondee Holdings | Lindblad Expeditions vs. MakeMyTrip Limited |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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