Correlation Between Eastman Kodak and Semilux International
Can any of the company-specific risk be diversified away by investing in both Eastman Kodak and Semilux International 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 Eastman Kodak and Semilux International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Eastman Kodak Co and Semilux International Ltd, you can compare the effects of market volatilities on Eastman Kodak and Semilux International 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 Eastman Kodak with a short position of Semilux International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eastman Kodak and Semilux International.
Diversification Opportunities for Eastman Kodak and Semilux International
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Eastman and Semilux is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Eastman Kodak Co and Semilux International Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Semilux International and Eastman Kodak 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 Eastman Kodak Co are associated (or correlated) with Semilux International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Semilux International has no effect on the direction of Eastman Kodak i.e., Eastman Kodak and Semilux International go up and down completely randomly.
Pair Corralation between Eastman Kodak and Semilux International
Given the investment horizon of 90 days Eastman Kodak Co is expected to generate 0.56 times more return on investment than Semilux International. However, Eastman Kodak Co is 1.79 times less risky than Semilux International. It trades about 0.06 of its potential returns per unit of risk. Semilux International Ltd is currently generating about -0.01 per unit of risk. If you would invest 296.00 in Eastman Kodak Co on September 14, 2024 and sell it today you would earn a total of 383.00 from holding Eastman Kodak Co or generate 129.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
Eastman Kodak Co vs. Semilux International Ltd
Performance |
| Timeline |
| Eastman Kodak |
| Semilux International |
Eastman Kodak and Semilux International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eastman Kodak and Semilux International
The main advantage of trading using opposite Eastman Kodak and Semilux International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eastman Kodak position performs unexpectedly, Semilux International 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 Semilux International will offset losses from the drop in Semilux International's long position.| Eastman Kodak vs. Rigetti Computing | Eastman Kodak vs. D Wave Quantum | Eastman Kodak vs. Desktop Metal | Eastman Kodak vs. Quantum Computing |
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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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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