Correlation Between United and National CineMedia
Specify exactly 2 symbols:
By analyzing existing cross correlation between United States Cellular and National CineMedia, you can compare the effects of market volatilities on United and National CineMedia 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 United with a short position of National CineMedia. Check out your portfolio center. Please also check ongoing floating volatility patterns of United and National CineMedia.
Diversification Opportunities for United and National CineMedia
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between United and National is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding United States Cellular and National CineMedia in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on National CineMedia and United 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 United States Cellular are associated (or correlated) with National CineMedia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of National CineMedia has no effect on the direction of United i.e., United and National CineMedia go up and down completely randomly.
Pair Corralation between United and National CineMedia
Assuming the 90 days trading horizon United States Cellular is expected to under-perform the National CineMedia. But the bond apears to be less risky and, when comparing its historical volatility, United States Cellular is 1.25 times less risky than National CineMedia. The bond trades about -0.19 of its potential returns per unit of risk. The National CineMedia is currently generating about -0.03 of returns per unit of risk over similar time horizon. If you would invest 717.00 in National CineMedia on September 2, 2024 and sell it today you would lose (22.00) from holding National CineMedia or give up 3.07% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.48% |
| Values | Daily Returns |
United States Cellular vs. National CineMedia
Performance |
| Timeline |
| United States Cellular |
| National CineMedia |
United and National CineMedia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with United and National CineMedia
The main advantage of trading using opposite United and National CineMedia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if United position performs unexpectedly, National CineMedia 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 National CineMedia will offset losses from the drop in National CineMedia's long position.| United vs. National CineMedia | United vs. Playtika Holding Corp | United vs. Dolphin Entertainment | United vs. Dave Busters Entertainment |
| National CineMedia vs. MGO Global Common | National CineMedia vs. Baosheng Media Group | National CineMedia vs. Glory Star New | National CineMedia vs. Impact Fusion International |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
Other Complementary Tools
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences |