Correlation Between CH Robinson and Nok Airlines
Can any of the company-specific risk be diversified away by investing in both CH Robinson 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 CH Robinson and Nok Airlines into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CH Robinson Worldwide and Nok Airlines PCL, you can compare the effects of market volatilities on CH Robinson 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 CH Robinson with a short position of Nok Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of CH Robinson and Nok Airlines.
Diversification Opportunities for CH Robinson and Nok Airlines
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CH1A and Nok is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CH Robinson Worldwide 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 CH Robinson 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 CH Robinson Worldwide 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 CH Robinson i.e., CH Robinson and Nok Airlines go up and down completely randomly.
Pair Corralation between CH Robinson and Nok Airlines
If you would invest 9,950 in CH Robinson Worldwide on October 24, 2024 and sell it today you would earn a total of 0.00 from holding CH Robinson Worldwide or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CH Robinson Worldwide vs. Nok Airlines PCL
Performance |
| Timeline |
| CH Robinson Worldwide |
| Nok Airlines PCL |
CH Robinson and Nok Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CH Robinson and Nok Airlines
The main advantage of trading using opposite CH Robinson and Nok Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CH Robinson 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.| CH Robinson vs. Insurance Australia Group | CH Robinson vs. Universal Insurance Holdings | CH Robinson vs. Zurich Insurance Group | CH Robinson vs. Universal Health Realty |
| Nok Airlines vs. SOUTHWEST AIRLINES | Nok Airlines vs. AEGEAN AIRLINES | Nok Airlines vs. SILICON LABORATOR | Nok Airlines vs. Gol Intelligent Airlines |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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