Correlation Between Joint Stock and Lindblad Expeditions
Can any of the company-specific risk be diversified away by investing in both Joint Stock and Lindblad Expeditions at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Joint Stock and Lindblad Expeditions into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Joint Stock and Lindblad Expeditions Holdings, you can compare the effects of market volatilities on Joint Stock and Lindblad Expeditions 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 Joint Stock with a short position of Lindblad Expeditions. Check out your portfolio center. Please also check ongoing floating volatility patterns of Joint Stock and Lindblad Expeditions.
Diversification Opportunities for Joint Stock and Lindblad Expeditions
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Joint and Lindblad is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Joint Stock and Lindblad Expeditions Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lindblad Expeditions and Joint Stock 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 Joint Stock are associated (or correlated) with Lindblad Expeditions. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lindblad Expeditions has no effect on the direction of Joint Stock i.e., Joint Stock and Lindblad Expeditions go up and down completely randomly.
Pair Corralation between Joint Stock and Lindblad Expeditions
Given the investment horizon of 90 days Joint Stock is expected to generate 0.7 times more return on investment than Lindblad Expeditions. However, Joint Stock is 1.43 times less risky than Lindblad Expeditions. It trades about 0.06 of its potential returns per unit of risk. Lindblad Expeditions Holdings is currently generating about 0.03 per unit of risk. If you would invest 7,363 in Joint Stock on August 28, 2024 and sell it today you would earn a total of 3,256 from holding Joint Stock or generate 44.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 74.86% |
| Values | Daily Returns |
Joint Stock vs. Lindblad Expeditions Holdings
Performance |
| Timeline |
| Joint Stock |
| Lindblad Expeditions |
Joint Stock and Lindblad Expeditions Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Joint Stock and Lindblad Expeditions
The main advantage of trading using opposite Joint Stock and Lindblad Expeditions positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Joint Stock position performs unexpectedly, Lindblad Expeditions 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 Lindblad Expeditions will offset losses from the drop in Lindblad Expeditions' long position.| Joint Stock vs. Treasury Wine Estates | Joint Stock vs. Oatly Group AB | Joint Stock vs. Vistra Energy Corp | Joint Stock vs. NRG Energy |
| Lindblad Expeditions vs. Yatra Online | Lindblad Expeditions vs. Despegar Corp | Lindblad Expeditions vs. Mondee Holdings | Lindblad Expeditions vs. MakeMyTrip Limited |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
Other Complementary Tools
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges |