Correlation Between Celestica and 670346AV7
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By analyzing existing cross correlation between Celestica and NUE 3125 01 APR 32, you can compare the effects of market volatilities on Celestica and 670346AV7 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 Celestica with a short position of 670346AV7. Check out your portfolio center. Please also check ongoing floating volatility patterns of Celestica and 670346AV7.
Diversification Opportunities for Celestica and 670346AV7
Pay attention - limited upside
The 3 months correlation between Celestica and 670346AV7 is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding Celestica and NUE 3125 01 APR 32 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NUE 3125 01 and Celestica 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 Celestica are associated (or correlated) with 670346AV7. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NUE 3125 01 has no effect on the direction of Celestica i.e., Celestica and 670346AV7 go up and down completely randomly.
Pair Corralation between Celestica and 670346AV7
Considering the 90-day investment horizon Celestica is expected to generate 6.7 times more return on investment than 670346AV7. However, Celestica is 6.7 times more volatile than NUE 3125 01 APR 32. It trades about 0.29 of its potential returns per unit of risk. NUE 3125 01 APR 32 is currently generating about -0.14 per unit of risk. If you would invest 4,999 in Celestica on September 24, 2024 and sell it today you would earn a total of 4,546 from holding Celestica or generate 90.94% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 98.44% |
Values | Daily Returns |
Celestica vs. NUE 3125 01 APR 32
Performance |
Timeline |
Celestica |
NUE 3125 01 |
Celestica and 670346AV7 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Celestica and 670346AV7
The main advantage of trading using opposite Celestica and 670346AV7 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Celestica position performs unexpectedly, 670346AV7 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 670346AV7 will offset losses from the drop in 670346AV7's long position.Celestica vs. Rigetti Computing | Celestica vs. Quantum Computing | Celestica vs. IONQ Inc | Celestica vs. Quantum |
670346AV7 vs. IPG Photonics | 670346AV7 vs. Celestica | 670346AV7 vs. Diageo PLC ADR | 670346AV7 vs. CTS Corporation |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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