Correlation Between Eastman Kodak and HONEYWELL
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By analyzing existing cross correlation between Eastman Kodak Co and HONEYWELL INTERNATIONAL INC, you can compare the effects of market volatilities on Eastman Kodak and HONEYWELL 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 HONEYWELL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eastman Kodak and HONEYWELL.
Diversification Opportunities for Eastman Kodak and HONEYWELL
-0.49 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Eastman and HONEYWELL is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding Eastman Kodak Co and HONEYWELL INTERNATIONAL INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HONEYWELL 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 HONEYWELL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HONEYWELL INTERNATIONAL has no effect on the direction of Eastman Kodak i.e., Eastman Kodak and HONEYWELL go up and down completely randomly.
Pair Corralation between Eastman Kodak and HONEYWELL
Given the investment horizon of 90 days Eastman Kodak Co is expected to generate 2.99 times more return on investment than HONEYWELL. However, Eastman Kodak is 2.99 times more volatile than HONEYWELL INTERNATIONAL INC. It trades about 0.09 of its potential returns per unit of risk. HONEYWELL INTERNATIONAL INC is currently generating about 0.15 per unit of risk. If you would invest 672.00 in Eastman Kodak Co on November 2, 2024 and sell it today you would earn a total of 32.00 from holding Eastman Kodak Co or generate 4.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 90.48% |
| Values | Daily Returns |
Eastman Kodak Co vs. HONEYWELL INTERNATIONAL INC
Performance |
| Timeline |
| Eastman Kodak |
| HONEYWELL INTERNATIONAL |
Eastman Kodak and HONEYWELL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eastman Kodak and HONEYWELL
The main advantage of trading using opposite Eastman Kodak and HONEYWELL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eastman Kodak position performs unexpectedly, HONEYWELL 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 HONEYWELL will offset losses from the drop in HONEYWELL'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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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