Correlation Between Eastman Kodak and 456837AV5
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By analyzing existing cross correlation between Eastman Kodak Co and ING GROEP NV, you can compare the effects of market volatilities on Eastman Kodak and 456837AV5 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 456837AV5. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eastman Kodak and 456837AV5.
Diversification Opportunities for Eastman Kodak and 456837AV5
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Eastman and 456837AV5 is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Eastman Kodak Co and ING GROEP NV in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ING GROEP NV 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 456837AV5. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ING GROEP NV has no effect on the direction of Eastman Kodak i.e., Eastman Kodak and 456837AV5 go up and down completely randomly.
Pair Corralation between Eastman Kodak and 456837AV5
Given the investment horizon of 90 days Eastman Kodak Co is expected to generate 10.8 times more return on investment than 456837AV5. However, Eastman Kodak is 10.8 times more volatile than ING GROEP NV. It trades about 0.21 of its potential returns per unit of risk. ING GROEP NV is currently generating about -0.22 per unit of risk. If you would invest 505.00 in Eastman Kodak Co on August 28, 2024 and sell it today you would earn a total of 157.00 from holding Eastman Kodak Co or generate 31.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 90.91% |
| Values | Daily Returns |
Eastman Kodak Co vs. ING GROEP NV
Performance |
| Timeline |
| Eastman Kodak |
| ING GROEP NV |
Eastman Kodak and 456837AV5 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eastman Kodak and 456837AV5
The main advantage of trading using opposite Eastman Kodak and 456837AV5 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eastman Kodak position performs unexpectedly, 456837AV5 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 456837AV5 will offset losses from the drop in 456837AV5'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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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