Correlation Between Levi Strauss and Nok Airlines
Can any of the company-specific risk be diversified away by investing in both Levi Strauss and Nok Airlines 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 Levi Strauss and Nok Airlines into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Levi Strauss Co and Nok Airlines Public, you can compare the effects of market volatilities on Levi Strauss and Nok Airlines 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 Levi Strauss with a short position of Nok Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Levi Strauss and Nok Airlines.
Diversification Opportunities for Levi Strauss and Nok Airlines
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Levi and Nok is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Levi Strauss Co and Nok Airlines Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nok Airlines Public and Levi Strauss 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 Levi Strauss Co are associated (or correlated) with Nok Airlines. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nok Airlines Public has no effect on the direction of Levi Strauss i.e., Levi Strauss and Nok Airlines go up and down completely randomly.
Pair Corralation between Levi Strauss and Nok Airlines
If you would invest 1,784 in Levi Strauss Co on November 6, 2024 and sell it today you would earn a total of 119.00 from holding Levi Strauss Co or generate 6.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Levi Strauss Co vs. Nok Airlines Public
Performance |
| Timeline |
| Levi Strauss |
| Nok Airlines Public |
Levi Strauss and Nok Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Levi Strauss and Nok Airlines
The main advantage of trading using opposite Levi Strauss and Nok Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Levi Strauss position performs unexpectedly, Nok Airlines 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 Nok Airlines will offset losses from the drop in Nok Airlines' long position.| Levi Strauss vs. LYFT Inc | Levi Strauss vs. Tapestry | Levi Strauss vs. Capri Holdings | Levi Strauss vs. YETI Holdings |
| Nok Airlines vs. Purecycle Technologies Holdings | Nok Airlines vs. Western Acquisition Ventures | Nok Airlines vs. Emerson Electric | Nok Airlines vs. Braskem SA Class |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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