Correlation Between Tupperware Brands and Comstock Holding
Can any of the company-specific risk be diversified away by investing in both Tupperware Brands and Comstock Holding 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 Tupperware Brands and Comstock Holding into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Tupperware Brands and Comstock Holding Companies, you can compare the effects of market volatilities on Tupperware Brands and Comstock Holding 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 Tupperware Brands with a short position of Comstock Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tupperware Brands and Comstock Holding.
Diversification Opportunities for Tupperware Brands and Comstock Holding
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Tupperware and Comstock is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Tupperware Brands and Comstock Holding Companies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Comstock Holding Com and Tupperware Brands 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 Tupperware Brands are associated (or correlated) with Comstock Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Comstock Holding Com has no effect on the direction of Tupperware Brands i.e., Tupperware Brands and Comstock Holding go up and down completely randomly.
Pair Corralation between Tupperware Brands and Comstock Holding
Considering the 90-day investment horizon Tupperware Brands is expected to generate 1.3 times more return on investment than Comstock Holding. However, Tupperware Brands is 1.3 times more volatile than Comstock Holding Companies. It trades about 0.29 of its potential returns per unit of risk. Comstock Holding Companies is currently generating about 0.2 per unit of risk. If you would invest 103.00 in Tupperware Brands on February 14, 2024 and sell it today you would earn a total of 73.00 from holding Tupperware Brands or generate 70.87% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Tupperware Brands vs. Comstock Holding Companies
Performance |
Timeline |
Tupperware Brands |
Comstock Holding Com |
Tupperware Brands and Comstock Holding Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Tupperware Brands and Comstock Holding
The main advantage of trading using opposite Tupperware Brands and Comstock Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tupperware Brands position performs unexpectedly, Comstock Holding 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 Comstock Holding will offset losses from the drop in Comstock Holding's long position.Tupperware Brands vs. Millennium Group International | Tupperware Brands vs. Sonoco Products | Tupperware Brands vs. Sealed Air | Tupperware Brands vs. Alliance Creative Gr |
Comstock Holding vs. St Joe Company | Comstock Holding vs. Stratus Properties | Comstock Holding vs. Henderson Land | Comstock Holding vs. Mitsui Fudosan Co |
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.
Other Complementary Tools
Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
Equity Valuation Check real value of public entities based on technical and fundamental data | |
Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
Global Correlations Find global opportunities by holding instruments from different markets | |
Risk-Return Analysis View associations between returns expected from investment and the risk you assume |