Correlation Between Eastman Kodak and PUBLIC
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By analyzing existing cross correlation between Eastman Kodak Co and PUBLIC SVC O, you can compare the effects of market volatilities on Eastman Kodak and PUBLIC 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 PUBLIC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eastman Kodak and PUBLIC.
Diversification Opportunities for Eastman Kodak and PUBLIC
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Eastman and PUBLIC is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding Eastman Kodak Co and PUBLIC SVC O in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PUBLIC SVC O 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 PUBLIC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PUBLIC SVC O has no effect on the direction of Eastman Kodak i.e., Eastman Kodak and PUBLIC go up and down completely randomly.
Pair Corralation between Eastman Kodak and PUBLIC
If you would invest 685.00 in Eastman Kodak Co on November 30, 2024 and sell it today you would earn a total of 17.00 from holding Eastman Kodak Co or generate 2.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Eastman Kodak Co vs. PUBLIC SVC O
Performance |
| Timeline |
| Eastman Kodak |
| PUBLIC SVC O |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Eastman Kodak and PUBLIC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eastman Kodak and PUBLIC
The main advantage of trading using opposite Eastman Kodak and PUBLIC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eastman Kodak position performs unexpectedly, PUBLIC 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 PUBLIC will offset losses from the drop in PUBLIC'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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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