Correlation Between Eastman Kodak and BERKSHIRE
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By analyzing existing cross correlation between Eastman Kodak Co and BERKSHIRE HATHAWAY ENERGY, you can compare the effects of market volatilities on Eastman Kodak and BERKSHIRE 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 BERKSHIRE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eastman Kodak and BERKSHIRE.
Diversification Opportunities for Eastman Kodak and BERKSHIRE
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Eastman and BERKSHIRE is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding Eastman Kodak Co and BERKSHIRE HATHAWAY ENERGY in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BERKSHIRE HATHAWAY ENERGY 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 BERKSHIRE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BERKSHIRE HATHAWAY ENERGY has no effect on the direction of Eastman Kodak i.e., Eastman Kodak and BERKSHIRE go up and down completely randomly.
Pair Corralation between Eastman Kodak and BERKSHIRE
Given the investment horizon of 90 days Eastman Kodak Co is expected to generate 3.41 times more return on investment than BERKSHIRE. However, Eastman Kodak is 3.41 times more volatile than BERKSHIRE HATHAWAY ENERGY. It trades about 0.32 of its potential returns per unit of risk. BERKSHIRE HATHAWAY ENERGY is currently generating about -0.13 per unit of risk. If you would invest 470.00 in Eastman Kodak Co on September 4, 2024 and sell it today you would earn a total of 252.00 from holding Eastman Kodak Co or generate 53.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Eastman Kodak Co vs. BERKSHIRE HATHAWAY ENERGY
Performance |
| Timeline |
| Eastman Kodak |
| BERKSHIRE HATHAWAY ENERGY |
Eastman Kodak and BERKSHIRE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eastman Kodak and BERKSHIRE
The main advantage of trading using opposite Eastman Kodak and BERKSHIRE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eastman Kodak position performs unexpectedly, BERKSHIRE 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 BERKSHIRE will offset losses from the drop in BERKSHIRE's long position.| Eastman Kodak vs. SMX Public Limited | Eastman Kodak vs. System1 | Eastman Kodak vs. Lichen China Limited | Eastman Kodak vs. Team Inc |
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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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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