Celestica Correlations

CLS Stock

USD 113.25 1.76 1.58%

The current 90-days correlation between Celestica and IONQ Inc is 0.67 (i.e., Poor diversification). The correlation of Celestica is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Celestica Correlation With Market

Poor diversification

The correlation between Celestica and DJI is 0.64 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Celestica and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Celestica Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Celestica. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of economic analysis.

For more information on how to buy Celestica Stock please use our How to Invest in Celestica guide.

Moving together with Celestica Stock

0.74	FN	Fabrinet	Pair Corr
0.68	KE	Kimball Electronics	Pair Corr
0.9	KN	Knowles Cor	Pair Corr
0.79	AMPGW	AmpliTech Group	Pair Corr
0.81	VRME	VerifyMe	Pair Corr
0.79	EBON	Ebang International	Pair Corr
0.74	ELTK	Eltek Earnings Call Tomorrow	Pair Corr
0.68	BAERW	Bridger Aerospace	Pair Corr
0.8	EXTR	Extreme Networks	Pair Corr
0.93	FFIV	F5 Networks	Pair Corr
0.93	FLEX	Flex	Pair Corr
0.89	BDC	Belden Inc	Pair Corr
0.66	BHE	Benchmark Electronics	Pair Corr
0.89	CDW	CDW Corp	Pair Corr
0.79	CTS	CTS Corporation	Pair Corr
0.87	GLW	Corning Incorporated	Pair Corr
0.91	HPE	Hewlett Packard Ente Aggressive Push	Pair Corr
0.81	HPQ	HP Inc	Pair Corr
0.93	JBL	Jabil Circuit	Pair Corr
0.74	LPL	LG Display	Pair Corr
0.82	MEI	Methode Electronics	Pair Corr
0.7	MOB	Mobilicom Limited	Pair Corr

Related Correlations Analysis

	QBTS	IONQ	QMCO	RGTI	RCAT	SMCI	CRCT	SSYS	NNDM
QBTS		0.3	0.22	0.57	-0.01	0.02	0.4	0.26	-0.22	QBTS
IONQ	0.3		0.2	0.81	0.67	0.44	0.49	0.67	0.15	IONQ
QMCO	0.22	0.2		0.45	0.48	0.43	0.28	0.5	0.63	QMCO
RGTI	0.57	0.81	0.45		0.56	0.52	0.62	0.68	0.33	RGTI
RCAT	-0.01	0.67	0.48	0.56		0.61	0.48	0.68	0.39	RCAT
SMCI	0.02	0.44	0.43	0.52	0.61		0.58	0.74	0.71	SMCI
CRCT	0.4	0.49	0.28	0.62	0.48	0.58		0.83	0.49	CRCT
SSYS	0.26	0.67	0.5	0.68	0.68	0.74	0.83		0.66	SSYS
NNDM	-0.22	0.15	0.63	0.33	0.39	0.71	0.49	0.66		NNDM
	QBTS	IONQ	QMCO	RGTI	RCAT	SMCI	CRCT	SSYS	NNDM

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

SSYS	+ 0.83	CRCT
RGTI	+ 0.81	IONQ
SSYS	+ 0.74	SMCI
NNDM	+ 0.71	SMCI
SSYS	+ 0.68	RGTI
SSYS	+ 0.68	RCAT

High negative correlations

NNDM	- 0.22	QBTS
RCAT	- 0.01	QBTS

Risk-Adjusted Indicators

There is a big difference between Celestica Stock performing well and Celestica Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Celestica's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
QBTS	7.28	1.71	0.26	0.79	5.55	(9.95)	16.20	(10.62)	64.91
IONQ	5.17	0.26	0.03	0.04	5.80	(6.22)	16.68	(9.50)	30.56
QMCO	6.31	(0.66)	0.00	(0.41)	0.00	0.00	10.07	(13.26)	56.29
RGTI	6.13	0.46	0.05	0.13	6.91	(6.46)	16.30	(10.92)	42.77
RCAT	5.12	(0.09)	0.00	(0.09)	0.00	0.00	12.54	(10.16)	38.27
SMCI	5.88	0.58	0.08	0.29	6.20	(7.18)	15.71	(11.50)	32.43
CRCT	2.55	0.29	0.07	0.21	3.81	(2.57)	5.12	(6.01)	24.98
SSYS	1.96	0.03	0.00	(0.03)	0.00	0.00	3.65	(3.96)	15.67
NNDM	2.12	(0.64)	0.00	(1.13)	0.00	0.00	3.77	(4.67)	20.14

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