Correlation Between EVS Broadcast and Nok Airlines
Can any of the company-specific risk be diversified away by investing in both EVS Broadcast and Nok Airlines 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 EVS Broadcast and Nok Airlines into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between EVS Broadcast Equipment and Nok Airlines PCL, you can compare the effects of market volatilities on EVS Broadcast and Nok Airlines 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 EVS Broadcast with a short position of Nok Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of EVS Broadcast and Nok Airlines.
Diversification Opportunities for EVS Broadcast and Nok Airlines
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between EVS and Nok is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding EVS Broadcast Equipment and Nok Airlines PCL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nok Airlines PCL and EVS Broadcast 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 EVS Broadcast Equipment are associated (or correlated) with Nok Airlines. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nok Airlines PCL has no effect on the direction of EVS Broadcast i.e., EVS Broadcast and Nok Airlines go up and down completely randomly.
Pair Corralation between EVS Broadcast and Nok Airlines
If you would invest 3,020 in EVS Broadcast Equipment on October 12, 2024 and sell it today you would earn a total of 55.00 from holding EVS Broadcast Equipment or generate 1.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 94.44% |
| Values | Daily Returns |
EVS Broadcast Equipment vs. Nok Airlines PCL
Performance |
| Timeline |
| EVS Broadcast Equipment |
| Nok Airlines PCL |
EVS Broadcast and Nok Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with EVS Broadcast and Nok Airlines
The main advantage of trading using opposite EVS Broadcast and Nok Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EVS Broadcast position performs unexpectedly, Nok Airlines 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 Nok Airlines will offset losses from the drop in Nok Airlines' long position.| EVS Broadcast vs. Apple Inc | EVS Broadcast vs. Apple Inc | EVS Broadcast vs. Apple Inc | EVS Broadcast vs. Apple Inc |
| Nok Airlines vs. EVS Broadcast Equipment | Nok Airlines vs. The Yokohama Rubber | Nok Airlines vs. SANOK RUBBER ZY | Nok Airlines vs. Yuexiu Transport Infrastructure |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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