Correlation Between Celsius Holdings and Sphere Entertainment
Can any of the company-specific risk be diversified away by investing in both Celsius Holdings and Sphere Entertainment 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 Celsius Holdings and Sphere Entertainment into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Celsius Holdings and Sphere Entertainment Co, you can compare the effects of market volatilities on Celsius Holdings and Sphere Entertainment 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 Celsius Holdings with a short position of Sphere Entertainment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Celsius Holdings and Sphere Entertainment.
Diversification Opportunities for Celsius Holdings and Sphere Entertainment
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Celsius and Sphere is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Celsius Holdings and Sphere Entertainment Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sphere Entertainment and Celsius Holdings 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 Celsius Holdings are associated (or correlated) with Sphere Entertainment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sphere Entertainment has no effect on the direction of Celsius Holdings i.e., Celsius Holdings and Sphere Entertainment go up and down completely randomly.
Pair Corralation between Celsius Holdings and Sphere Entertainment
Given the investment horizon of 90 days Celsius Holdings is expected to generate 1.11 times more return on investment than Sphere Entertainment. However, Celsius Holdings is 1.11 times more volatile than Sphere Entertainment Co. It trades about 0.23 of its potential returns per unit of risk. Sphere Entertainment Co is currently generating about 0.16 per unit of risk. If you would invest 4,060 in Celsius Holdings on June 6, 2025 and sell it today you would earn a total of 2,050 from holding Celsius Holdings or generate 50.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Celsius Holdings vs. Sphere Entertainment Co
Performance |
| Timeline |
| Celsius Holdings |
| Sphere Entertainment |
Celsius Holdings and Sphere Entertainment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Celsius Holdings and Sphere Entertainment
The main advantage of trading using opposite Celsius Holdings and Sphere Entertainment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Celsius Holdings position performs unexpectedly, Sphere Entertainment 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 Sphere Entertainment will offset losses from the drop in Sphere Entertainment's long position.| Celsius Holdings vs. Vita Coco | Celsius Holdings vs. Keurig Dr Pepper | Celsius Holdings vs. PepsiCo | Celsius Holdings vs. Coca Cola Femsa SAB |
| Sphere Entertainment vs. Willamette Valley Vineyards | Sphere Entertainment vs. Diageo PLC ADR | Sphere Entertainment vs. Boston Beer | Sphere Entertainment vs. Affinity Beverage Group |
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 Stocks Directory module to find actively traded stocks across global markets.
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