Correlation Between CHKEZ Old and Lindblad Expeditions
Can any of the company-specific risk be diversified away by investing in both CHKEZ Old and Lindblad Expeditions 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 CHKEZ Old and Lindblad Expeditions into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CHKEZ Old and Lindblad Expeditions Holdings, you can compare the effects of market volatilities on CHKEZ Old and Lindblad Expeditions 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 CHKEZ Old with a short position of Lindblad Expeditions. Check out your portfolio center. Please also check ongoing floating volatility patterns of CHKEZ Old and Lindblad Expeditions.
Diversification Opportunities for CHKEZ Old and Lindblad Expeditions
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CHKEZ and Lindblad is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CHKEZ Old and Lindblad Expeditions Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lindblad Expeditions and CHKEZ Old 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 CHKEZ Old are associated (or correlated) with Lindblad Expeditions. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lindblad Expeditions has no effect on the direction of CHKEZ Old i.e., CHKEZ Old and Lindblad Expeditions go up and down completely randomly.
Pair Corralation between CHKEZ Old and Lindblad Expeditions
If you would invest 763.00 in Lindblad Expeditions Holdings on November 28, 2024 and sell it today you would earn a total of 335.00 from holding Lindblad Expeditions Holdings or generate 43.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
CHKEZ Old vs. Lindblad Expeditions Holdings
Performance |
| Timeline |
| CHKEZ Old |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Lindblad Expeditions |
CHKEZ Old and Lindblad Expeditions Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CHKEZ Old and Lindblad Expeditions
The main advantage of trading using opposite CHKEZ Old and Lindblad Expeditions positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CHKEZ Old position performs unexpectedly, Lindblad Expeditions 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 Lindblad Expeditions will offset losses from the drop in Lindblad Expeditions' long position.| CHKEZ Old vs. MYT Netherlands Parent | CHKEZ Old vs. Arhaus Inc | CHKEZ Old vs. Afya | CHKEZ Old vs. BBB Foods |
| Lindblad Expeditions vs. Yatra Online | Lindblad Expeditions vs. Despegar Corp | Lindblad Expeditions vs. MakeMyTrip Limited | Lindblad Expeditions vs. Tuniu Corp |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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