Correlation Between Comcast Corp and Shenandoah Telecommunicatio
Can any of the company-specific risk be diversified away by investing in both Comcast Corp and Shenandoah Telecommunicatio 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 Comcast Corp and Shenandoah Telecommunicatio into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Comcast Corp and Shenandoah Telecommunications Co, you can compare the effects of market volatilities on Comcast Corp and Shenandoah Telecommunicatio 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 Comcast Corp with a short position of Shenandoah Telecommunicatio. Check out your portfolio center. Please also check ongoing floating volatility patterns of Comcast Corp and Shenandoah Telecommunicatio.
Diversification Opportunities for Comcast Corp and Shenandoah Telecommunicatio
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Comcast and Shenandoah is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Comcast Corp and Shenandoah Telecommunications in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenandoah Telecommunicatio and Comcast Corp 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 Comcast Corp are associated (or correlated) with Shenandoah Telecommunicatio. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenandoah Telecommunicatio has no effect on the direction of Comcast Corp i.e., Comcast Corp and Shenandoah Telecommunicatio go up and down completely randomly.
Pair Corralation between Comcast Corp and Shenandoah Telecommunicatio
Assuming the 90 days horizon Comcast Corp is expected to generate 0.83 times more return on investment than Shenandoah Telecommunicatio. However, Comcast Corp is 1.2 times less risky than Shenandoah Telecommunicatio. It trades about -0.04 of its potential returns per unit of risk. Shenandoah Telecommunications Co is currently generating about -0.11 per unit of risk. If you would invest 3,109 in Comcast Corp on October 6, 2025 and sell it today you would lose (155.00) from holding Comcast Corp or give up 4.99% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Comcast Corp vs. Shenandoah Telecommunications
Performance |
| Timeline |
| Comcast Corp |
| Shenandoah Telecommunicatio |
Comcast Corp and Shenandoah Telecommunicatio Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Comcast Corp and Shenandoah Telecommunicatio
The main advantage of trading using opposite Comcast Corp and Shenandoah Telecommunicatio positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Comcast Corp position performs unexpectedly, Shenandoah Telecommunicatio 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 Shenandoah Telecommunicatio will offset losses from the drop in Shenandoah Telecommunicatio's long position.| Comcast Corp vs. ATT Inc | Comcast Corp vs. America Movil SAB | Comcast Corp vs. DoorDash Class A | Comcast Corp vs. Charter Communications |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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