Correlation Between Eastman Kodak and ENTERPRISE
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By analyzing existing cross correlation between Eastman Kodak Co and ENTERPRISE PRODS OPER, you can compare the effects of market volatilities on Eastman Kodak and ENTERPRISE 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 ENTERPRISE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eastman Kodak and ENTERPRISE.
Diversification Opportunities for Eastman Kodak and ENTERPRISE
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Eastman and ENTERPRISE is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Eastman Kodak Co and ENTERPRISE PRODS OPER in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ENTERPRISE PRODS OPER 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 ENTERPRISE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ENTERPRISE PRODS OPER has no effect on the direction of Eastman Kodak i.e., Eastman Kodak and ENTERPRISE go up and down completely randomly.
Pair Corralation between Eastman Kodak and ENTERPRISE
Given the investment horizon of 90 days Eastman Kodak Co is expected to generate 2.28 times more return on investment than ENTERPRISE. However, Eastman Kodak is 2.28 times more volatile than ENTERPRISE PRODS OPER. It trades about 0.25 of its potential returns per unit of risk. ENTERPRISE PRODS OPER is currently generating about -0.08 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. ENTERPRISE PRODS OPER
Performance |
| Timeline |
| Eastman Kodak |
| ENTERPRISE PRODS OPER |
Eastman Kodak and ENTERPRISE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eastman Kodak and ENTERPRISE
The main advantage of trading using opposite Eastman Kodak and ENTERPRISE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eastman Kodak position performs unexpectedly, ENTERPRISE 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 ENTERPRISE will offset losses from the drop in ENTERPRISE's long position.| Eastman Kodak vs. Rigetti Computing | Eastman Kodak vs. D Wave Quantum | Eastman Kodak vs. IONQ Inc | Eastman Kodak vs. Desktop Metal |
| ENTERPRISE vs. Globalfoundries | ENTERPRISE vs. ON Semiconductor | ENTERPRISE vs. Apogee Enterprises | ENTERPRISE vs. Eastman Kodak Co |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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