Correlation Between J+J SNACK and Nok Airlines
Can any of the company-specific risk be diversified away by investing in both J+J SNACK 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 J+J SNACK and Nok Airlines into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between JJ SNACK FOODS and Nok Airlines PCL, you can compare the effects of market volatilities on J+J SNACK 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 J+J SNACK with a short position of Nok Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of J+J SNACK and Nok Airlines.
Diversification Opportunities for J+J SNACK and Nok Airlines
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between J+J and Nok is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding JJ SNACK FOODS 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 J+J SNACK 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 JJ SNACK FOODS 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 J+J SNACK i.e., J+J SNACK and Nok Airlines go up and down completely randomly.
Pair Corralation between J+J SNACK and Nok Airlines
If you would invest 15,400 in JJ SNACK FOODS on August 29, 2024 and sell it today you would earn a total of 900.00 from holding JJ SNACK FOODS or generate 5.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
JJ SNACK FOODS vs. Nok Airlines PCL
Performance |
| Timeline |
| JJ SNACK FOODS |
| Nok Airlines PCL |
J+J SNACK and Nok Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with J+J SNACK and Nok Airlines
The main advantage of trading using opposite J+J SNACK and Nok Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if J+J SNACK 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.| J+J SNACK vs. Superior Plus Corp | J+J SNACK vs. NMI Holdings | J+J SNACK vs. Origin Agritech | J+J SNACK vs. SIVERS SEMICONDUCTORS AB |
| Nok Airlines vs. Apple Inc | Nok Airlines vs. Apple Inc | Nok Airlines vs. Apple Inc | Nok Airlines vs. Apple Inc |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
Other Complementary Tools
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios |