Correlation Between Coupang LLC and Nokia
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By analyzing existing cross correlation between Coupang LLC and Nokia 6625 percent, you can compare the effects of market volatilities on Coupang LLC and Nokia 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 Coupang LLC with a short position of Nokia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Coupang LLC and Nokia.
Diversification Opportunities for Coupang LLC and Nokia
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Coupang and Nokia is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding Coupang LLC and Nokia 6625 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nokia 6625 percent and Coupang LLC 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 Coupang LLC are associated (or correlated) with Nokia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nokia 6625 percent has no effect on the direction of Coupang LLC i.e., Coupang LLC and Nokia go up and down completely randomly.
Pair Corralation between Coupang LLC and Nokia
Given the investment horizon of 90 days Coupang LLC is expected to generate 2.36 times more return on investment than Nokia. However, Coupang LLC is 2.36 times more volatile than Nokia 6625 percent. It trades about 0.1 of its potential returns per unit of risk. Nokia 6625 percent is currently generating about -0.14 per unit of risk. If you would invest 2,200 in Coupang LLC on September 3, 2024 and sell it today you would earn a total of 336.00 from holding Coupang LLC or generate 15.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 96.88% |
| Values | Daily Returns |
Coupang LLC vs. Nokia 6625 percent
Performance |
| Timeline |
| Coupang LLC |
| Nokia 6625 percent |
Coupang LLC and Nokia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Coupang LLC and Nokia
The main advantage of trading using opposite Coupang LLC and Nokia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Coupang LLC position performs unexpectedly, Nokia 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 Nokia will offset losses from the drop in Nokia's long position.| Coupang LLC vs. MercadoLibre | Coupang LLC vs. PDD Holdings | Coupang LLC vs. JD Inc Adr | Coupang LLC vs. Alibaba Group Holding |
| Nokia vs. Coupang LLC | Nokia vs. Sun Life Financial | Nokia vs. Cedar Realty Trust | Nokia vs. Meiwu Technology Co |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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