Correlation Between Walmart and COMCAST
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By analyzing existing cross correlation between Walmart and COMCAST PORATION, you can compare the effects of market volatilities on Walmart and COMCAST 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 Walmart with a short position of COMCAST. Check out your portfolio center. Please also check ongoing floating volatility patterns of Walmart and COMCAST.
Diversification Opportunities for Walmart and COMCAST
Pay attention - limited upside
The 3 months correlation between Walmart and COMCAST is -0.79. Overlapping area represents the amount of risk that can be diversified away by holding Walmart and COMCAST PORATION in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COMCAST PORATION and Walmart 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 Walmart are associated (or correlated) with COMCAST. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COMCAST PORATION has no effect on the direction of Walmart i.e., Walmart and COMCAST go up and down completely randomly.
Pair Corralation between Walmart and COMCAST
Considering the 90-day investment horizon Walmart is expected to generate 1.78 times more return on investment than COMCAST. However, Walmart is 1.78 times more volatile than COMCAST PORATION. It trades about 0.49 of its potential returns per unit of risk. COMCAST PORATION is currently generating about -0.24 per unit of risk. If you would invest 8,170 in Walmart on August 30, 2024 and sell it today you would earn a total of 1,018 from holding Walmart or generate 12.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 86.96% |
| Values | Daily Returns |
Walmart vs. COMCAST PORATION
Performance |
| Timeline |
| Walmart |
| COMCAST PORATION |
Walmart and COMCAST Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Walmart and COMCAST
The main advantage of trading using opposite Walmart and COMCAST positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Walmart position performs unexpectedly, COMCAST 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 COMCAST will offset losses from the drop in COMCAST's long position.| Walmart vs. Weis Markets | Walmart vs. Ingles Markets Incorporated | Walmart vs. Sendas Distribuidora SA | Walmart vs. Grocery Outlet Holding |
| COMCAST vs. GoHealth | COMCAST vs. Employers Holdings | COMCAST vs. The Hanover Insurance | COMCAST vs. MGIC Investment Corp |
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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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