Nokia Corp Correlations

NOK Stock

USD 4.99 0.02 0.40%

The current 90-days correlation between Nokia Corp ADR and Hewlett Packard Enterprise is -0.08 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Nokia Corp moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Nokia Corp ADR moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Nokia Corp Correlation With Market

Modest diversification

The correlation between Nokia Corp ADR and DJI is 0.23 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nokia Corp ADR and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Nokia Corp ADR. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in persons.

Moving together with Nokia Stock

0.61	PSTG	Pure Storage	Pair Corr
0.8	NOTE	FiscalNote Holdings Tech Boost	Pair Corr
0.66	SSNLF	Samsung Electronics	Pair Corr
0.78	PLTR	Palantir Technologies Aggressive Push	Pair Corr
0.61	WMT	Walmart Earnings Call This Week	Pair Corr
0.66	BA	Boeing	Pair Corr
0.76	CSCO	Cisco Systems Aggressive Push	Pair Corr

Moving against Nokia Stock

0.75	DSWL	Deswell Industries	Pair Corr
0.73	PPERY	Bank Mandiri Persero	Pair Corr
0.69	PTAIY	Astra International Tbk	Pair Corr
0.68	TLK	Telkom Indonesia Tbk	Pair Corr
0.67	PPERF	Bank Mandiri Persero	Pair Corr
0.59	DM	Desktop Metal	Pair Corr
0.58	HPQ	HP Inc	Pair Corr
0.53	MSTR	MicroStrategy Incorporated Aggressive Push	Pair Corr
0.49	DIOD	Diodes Incorporated	Pair Corr
0.37	TLKMF	Telkom Indonesia Tbk	Pair Corr
0.75	MRK	Merck Company	Pair Corr
0.72	PBCRY	Bank Central Asia	Pair Corr
0.72	AA	Alcoa Corp	Pair Corr
0.65	PBCRF	PT Bank Central	Pair Corr
0.58	CAT	Caterpillar Sell-off Trend	Pair Corr
0.49	XOM	Exxon Mobil Corp	Pair Corr
0.49	VZ	Verizon Communications Sell-off Trend	Pair Corr
0.43	DIS	Walt Disney	Pair Corr

Related Correlations Analysis

	HPE	JNPR	CIEN	MSI	CSCO	VIAV	INFN	AAOI	LITE
HPE		0.63	0.28	-0.17	0.2	-0.23	-0.18	0.05	0.58	HPE
JNPR	0.63		0.29	-0.34	-0.06	-0.3	-0.36	-0.03	0.34	JNPR
CIEN	0.28	0.29		-0.66	0.65	0.51	-0.29	-0.16	0.22	CIEN
MSI	-0.17	-0.34	-0.66		-0.28	-0.1	0.53	0.23	0.16	MSI
CSCO	0.2	-0.06	0.65	-0.28		0.74	0.24	-0.32	0.06	CSCO
VIAV	-0.23	-0.3	0.51	-0.1	0.74		0.33	-0.33	-0.01	VIAV
INFN	-0.18	-0.36	-0.29	0.53	0.24	0.33		-0.31	-0.12	INFN
AAOI	0.05	-0.03	-0.16	0.23	-0.32	-0.33	-0.31		0.39	AAOI
LITE	0.58	0.34	0.22	0.16	0.06	-0.01	-0.12	0.39		LITE
	HPE	JNPR	CIEN	MSI	CSCO	VIAV	INFN	AAOI	LITE

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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

VIAV	+ 0.74	CSCO
CSCO	+ 0.65	CIEN
JNPR	+ 0.63	HPE
LITE	+ 0.58	HPE
INFN	+ 0.53	MSI
VIAV	+ 0.51	CIEN

High negative correlations

MSI	- 0.66	CIEN
INFN	- 0.36	JNPR
MSI	- 0.34	JNPR
AAOI	- 0.33	VIAV
AAOI	- 0.32	CSCO
AAOI	- 0.31	INFN

Risk-Adjusted Indicators

There is a big difference between Nokia Stock performing well and Nokia Corp 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 Nokia Corp'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
HPE	1.74	0.01	0.00	0.03	2.60	(1.76)	3.37	(5.18)	17.09
JNPR	0.89	(0.09)	0.00	(5.90)	0.00	0.00	1.63	(2.48)	8.31
CIEN	2.42	0.41	0.08	0.52	4.24	(2.33)	5.23	(3.63)	36.49
MSI	0.86	(0.21)	0.00	(0.32)	0.00	0.00	1.67	(2.25)	3.96
CSCO	0.71	0.17	0.13	0.48	1.04	(0.74)	1.61	(1.56)	6.78
VIAV	1.69	0.25	0.10	0.53	2.09	(1.71)	2.41	(3.04)	23.18
INFN	0.23	(0.01)	(0.03)	(0.07)	0.27	(0.29)	0.46	(0.45)	1.52
AAOI	5.79	0.17	0.02	0.06	7.10	(6.55)	12.76	(10.13)	41.02
LITE	2.80	(0.03)	0.00	(0.03)	0.00	0.00	4.89	(4.62)	29.45

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