Correlation Between Gol Intelligent and Nomad Foods
Can any of the company-specific risk be diversified away by investing in both Gol Intelligent and Nomad Foods 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 Gol Intelligent and Nomad Foods into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Gol Intelligent Airlines and Nomad Foods, you can compare the effects of market volatilities on Gol Intelligent and Nomad Foods 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 Gol Intelligent with a short position of Nomad Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gol Intelligent and Nomad Foods.
Diversification Opportunities for Gol Intelligent and Nomad Foods
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Gol and Nomad is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Gol Intelligent Airlines and Nomad Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nomad Foods and Gol Intelligent 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 Gol Intelligent Airlines are associated (or correlated) with Nomad Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nomad Foods has no effect on the direction of Gol Intelligent i.e., Gol Intelligent and Nomad Foods go up and down completely randomly.
Pair Corralation between Gol Intelligent and Nomad Foods
If you would invest 1,496 in Nomad Foods on December 11, 2024 and sell it today you would earn a total of 334.00 from holding Nomad Foods or generate 22.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 97.62% |
| Values | Daily Returns |
Gol Intelligent Airlines vs. Nomad Foods
Performance |
| Timeline |
| Gol Intelligent Airlines |
| Nomad Foods |
Gol Intelligent and Nomad Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gol Intelligent and Nomad Foods
The main advantage of trading using opposite Gol Intelligent and Nomad Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gol Intelligent position performs unexpectedly, Nomad Foods 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 Nomad Foods will offset losses from the drop in Nomad Foods' long position.| Gol Intelligent vs. SILICON LABORATOR | ||
| Gol Intelligent vs. Molson Coors Beverage | ||
| Gol Intelligent vs. High Liner Foods | ||
| Gol Intelligent vs. Sinopec Shanghai Petrochemical |
| Nomad Foods vs. S E BANKEN A | ||
| Nomad Foods vs. PACIFIC ONLINE | ||
| Nomad Foods vs. CarsalesCom | ||
| Nomad Foods vs. Chiba Bank |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
Other Complementary Tools
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals |