Correlation Between NORTHROP and Celsius Holdings
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By analyzing existing cross correlation between NORTHROP GRUMMAN P and Celsius Holdings, you can compare the effects of market volatilities on NORTHROP and Celsius Holdings 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 NORTHROP with a short position of Celsius Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of NORTHROP and Celsius Holdings.
Diversification Opportunities for NORTHROP and Celsius Holdings
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between NORTHROP and Celsius is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding NORTHROP GRUMMAN P and Celsius Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Celsius Holdings and NORTHROP 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 NORTHROP GRUMMAN P are associated (or correlated) with Celsius Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Celsius Holdings has no effect on the direction of NORTHROP i.e., NORTHROP and Celsius Holdings go up and down completely randomly.
Pair Corralation between NORTHROP and Celsius Holdings
Assuming the 90 days trading horizon NORTHROP GRUMMAN P is expected to generate 0.3 times more return on investment than Celsius Holdings. However, NORTHROP GRUMMAN P is 3.34 times less risky than Celsius Holdings. It trades about -0.06 of its potential returns per unit of risk. Celsius Holdings is currently generating about -0.09 per unit of risk. If you would invest 9,194 in NORTHROP GRUMMAN P on August 31, 2024 and sell it today you would lose (129.00) from holding NORTHROP GRUMMAN P or give up 1.4% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 90.91% |
| Values | Daily Returns |
NORTHROP GRUMMAN P vs. Celsius Holdings
Performance |
| Timeline |
| NORTHROP GRUMMAN P |
| Celsius Holdings |
NORTHROP and Celsius Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NORTHROP and Celsius Holdings
The main advantage of trading using opposite NORTHROP and Celsius Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NORTHROP position performs unexpectedly, Celsius Holdings 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 Celsius Holdings will offset losses from the drop in Celsius Holdings' long position.| NORTHROP vs. Celsius Holdings | NORTHROP vs. Monster Beverage Corp | NORTHROP vs. Procter Gamble | NORTHROP vs. Toro Co |
| Celsius Holdings vs. Vita Coco | Celsius Holdings vs. PepsiCo | Celsius Holdings vs. The Coca Cola | Celsius Holdings vs. Coca Cola Femsa SAB |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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