Correlation Between NK Lukoil and Mannatech Incorporated
Can any of the company-specific risk be diversified away by investing in both NK Lukoil and Mannatech Incorporated 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 NK Lukoil and Mannatech Incorporated into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between NK Lukoil PAO and Mannatech Incorporated, you can compare the effects of market volatilities on NK Lukoil and Mannatech Incorporated 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 NK Lukoil with a short position of Mannatech Incorporated. Check out your portfolio center. Please also check ongoing floating volatility patterns of NK Lukoil and Mannatech Incorporated.
Diversification Opportunities for NK Lukoil and Mannatech Incorporated
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between LUKOY and Mannatech is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding NK Lukoil PAO and Mannatech Incorporated in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mannatech Incorporated and NK Lukoil 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 NK Lukoil PAO are associated (or correlated) with Mannatech Incorporated. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mannatech Incorporated has no effect on the direction of NK Lukoil i.e., NK Lukoil and Mannatech Incorporated go up and down completely randomly.
Pair Corralation between NK Lukoil and Mannatech Incorporated
If you would invest 809.00 in Mannatech Incorporated on September 4, 2024 and sell it today you would earn a total of 103.00 from holding Mannatech Incorporated or generate 12.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 5.0% |
| Values | Daily Returns |
NK Lukoil PAO vs. Mannatech Incorporated
Performance |
| Timeline |
| NK Lukoil PAO |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Mannatech Incorporated |
NK Lukoil and Mannatech Incorporated Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NK Lukoil and Mannatech Incorporated
The main advantage of trading using opposite NK Lukoil and Mannatech Incorporated positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NK Lukoil position performs unexpectedly, Mannatech Incorporated 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 Mannatech Incorporated will offset losses from the drop in Mannatech Incorporated's long position.| NK Lukoil vs. Willscot Mobile Mini | NK Lukoil vs. HE Equipment Services | NK Lukoil vs. Playtech plc | NK Lukoil vs. Sonida Senior Living |
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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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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