Correlation Between Comcast Corp and ImagineAR

Can any of the company-specific risk be diversified away by investing in both Comcast Corp and ImagineAR 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 ImagineAR into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Comcast Corp and ImagineAR, you can compare the effects of market volatilities on Comcast Corp and ImagineAR 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 ImagineAR. Check out your portfolio center. Please also check ongoing floating volatility patterns of Comcast Corp and ImagineAR.

Diversification Opportunities for Comcast Corp and ImagineAR

0.0

Correlation Coefficient

Comcast Corp  ImagineAR

Pay attention - limited upside

The 3 months correlation between Comcast and ImagineAR is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Comcast Corp and ImagineAR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ImagineAR 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 ImagineAR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ImagineAR has no effect on the direction of Comcast Corp i.e., Comcast Corp and ImagineAR go up and down completely randomly.

Pair Corralation between Comcast Corp and ImagineAR

Assuming the 90 days horizon Comcast Corp is expected to under-perform the ImagineAR. But the stock apears to be less risky and, when comparing its historical volatility, Comcast Corp is 5.69 times less risky than ImagineAR. The stock trades about -0.03 of its potential returns per unit of risk. The ImagineAR is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest  2.69  in ImagineAR on May 3, 2025 and sell it today you would lose (0.32) from holding ImagineAR or give up 11.9% of portfolio value over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	98.36%
Values	Daily Returns

Comcast Corp  vs.  ImagineAR

Comcast Corp

Risk-Adjusted Performance

Very Weak

Over the last 90 days Comcast Corp has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, Comcast Corp is not utilizing all of its potentials. The latest stock price disturbance, may contribute to short-term losses for the investors.

ImagineAR

Risk-Adjusted Performance

Very Weak

Over the last 90 days ImagineAR has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable technical and fundamental indicators, ImagineAR is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.

Pair Trading with Comcast Corp and ImagineAR

The main advantage of trading using opposite Comcast Corp and ImagineAR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Comcast Corp position performs unexpectedly, ImagineAR 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 ImagineAR will offset losses from the drop in ImagineAR's long position.

The idea behind Comcast Corp and ImagineAR pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.