Correlation Between Aperture Health and Nok Airlines
Can any of the company-specific risk be diversified away by investing in both Aperture Health 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 Aperture Health and Nok Airlines into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aperture Health and Nok Airlines Public, you can compare the effects of market volatilities on Aperture Health 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 Aperture Health with a short position of Nok Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aperture Health and Nok Airlines.
Diversification Opportunities for Aperture Health and Nok Airlines
-1.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Aperture and Nok is -1.0. Overlapping area represents the amount of risk that can be diversified away by holding Aperture Health and Nok Airlines Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nok Airlines Public and Aperture Health 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 Aperture Health 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 Public has no effect on the direction of Aperture Health i.e., Aperture Health and Nok Airlines go up and down completely randomly.
Pair Corralation between Aperture Health and Nok Airlines
If you would invest 9.50 in Nok Airlines Public on October 11, 2024 and sell it today you would earn a total of 0.00 from holding Nok Airlines Public or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Strong |
| Accuracy | 95.24% |
| Values | Daily Returns |
Aperture Health vs. Nok Airlines Public
Performance |
| Timeline |
| Aperture Health |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Nok Airlines Public |
Aperture Health and Nok Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aperture Health and Nok Airlines
The main advantage of trading using opposite Aperture Health and Nok Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aperture Health 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.| Aperture Health vs. Martin Marietta Materials | Aperture Health vs. CRH PLC ADR | Aperture Health vs. Eagle Materials | Aperture Health vs. Summit Materials |
| Nok Airlines vs. Artisan Partners Asset | Nok Airlines vs. VF Corporation | Nok Airlines vs. Gildan Activewear | Nok Airlines vs. SEI Investments |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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