Correlation Between Eastman Kodak and 00206RDR0
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By analyzing existing cross correlation between Eastman Kodak Co and ATT INC 525, you can compare the effects of market volatilities on Eastman Kodak and 00206RDR0 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 00206RDR0. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eastman Kodak and 00206RDR0.
Diversification Opportunities for Eastman Kodak and 00206RDR0
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Eastman and 00206RDR0 is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding Eastman Kodak Co and ATT INC 525 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ATT INC 525 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 00206RDR0. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ATT INC 525 has no effect on the direction of Eastman Kodak i.e., Eastman Kodak and 00206RDR0 go up and down completely randomly.
Pair Corralation between Eastman Kodak and 00206RDR0
Given the investment horizon of 90 days Eastman Kodak Co is expected to generate 3.62 times more return on investment than 00206RDR0. However, Eastman Kodak is 3.62 times more volatile than ATT INC 525. It trades about 0.25 of its potential returns per unit of risk. ATT INC 525 is currently generating about -0.14 per unit of risk. If you would invest 470.00 in Eastman Kodak Co on September 5, 2024 and sell it today you would earn a total of 198.00 from holding Eastman Kodak Co or generate 42.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Eastman Kodak Co vs. ATT INC 525
Performance |
| Timeline |
| Eastman Kodak |
| ATT INC 525 |
Eastman Kodak and 00206RDR0 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eastman Kodak and 00206RDR0
The main advantage of trading using opposite Eastman Kodak and 00206RDR0 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eastman Kodak position performs unexpectedly, 00206RDR0 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 00206RDR0 will offset losses from the drop in 00206RDR0's long position.| Eastman Kodak vs. Rigetti Computing | Eastman Kodak vs. D Wave Quantum | Eastman Kodak vs. IONQ Inc | Eastman Kodak vs. Desktop Metal |
| 00206RDR0 vs. Noble plc | 00206RDR0 vs. Playtika Holding Corp | 00206RDR0 vs. Nabors Industries | 00206RDR0 vs. Xponential Fitness |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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