Correlation Between Intelsat and Cellcom Israel
Can any of the company-specific risk be diversified away by investing in both Intelsat and Cellcom Israel at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Intelsat and Cellcom Israel into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Intelsat SA and Cellcom Israel, you can compare the effects of market volatilities on Intelsat and Cellcom Israel 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 Intelsat with a short position of Cellcom Israel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intelsat and Cellcom Israel.
Diversification Opportunities for Intelsat and Cellcom Israel
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Intelsat and Cellcom is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Intelsat SA and Cellcom Israel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cellcom Israel and Intelsat 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 Intelsat SA are associated (or correlated) with Cellcom Israel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cellcom Israel has no effect on the direction of Intelsat i.e., Intelsat and Cellcom Israel go up and down completely randomly.
Pair Corralation between Intelsat and Cellcom Israel
If you would invest (100.00) in Cellcom Israel on January 23, 2024 and sell it today you would earn a total of 100.00 from holding Cellcom Israel or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Intelsat SA vs. Cellcom Israel
Performance |
| Timeline |
| Intelsat SA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Cellcom Israel |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Intelsat and Cellcom Israel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intelsat and Cellcom Israel
The main advantage of trading using opposite Intelsat and Cellcom Israel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intelsat position performs unexpectedly, Cellcom Israel 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 Cellcom Israel will offset losses from the drop in Cellcom Israel's long position.| Intelsat vs. IPG Photonics | Intelsat vs. Taiwan Semiconductor Manufacturing | Intelsat vs. Analog Devices | Intelsat vs. NETGEAR |
| Cellcom Israel vs. American Airlines Group | Cellcom Israel vs. Air Transport Services | Cellcom Israel vs. Shimmick Common | Cellcom Israel vs. United Airlines Holdings |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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