Correlation Between NK Lukoil and Skechers USA
Can any of the company-specific risk be diversified away by investing in both NK Lukoil and Skechers USA 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 Skechers USA 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 Skechers USA, you can compare the effects of market volatilities on NK Lukoil and Skechers USA 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 Skechers USA. Check out your portfolio center. Please also check ongoing floating volatility patterns of NK Lukoil and Skechers USA.
Diversification Opportunities for NK Lukoil and Skechers USA
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between LUKOY and Skechers is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding NK Lukoil PAO and Skechers USA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Skechers USA 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 Skechers USA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Skechers USA has no effect on the direction of NK Lukoil i.e., NK Lukoil and Skechers USA go up and down completely randomly.
Pair Corralation between NK Lukoil and Skechers USA
If you would invest 4,239 in Skechers USA on September 4, 2024 and sell it today you would earn a total of 2,326 from holding Skechers USA or generate 54.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 30.51% |
| Values | Daily Returns |
NK Lukoil PAO vs. Skechers USA
Performance |
| Timeline |
| NK Lukoil PAO |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Skechers USA |
NK Lukoil and Skechers USA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NK Lukoil and Skechers USA
The main advantage of trading using opposite NK Lukoil and Skechers USA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NK Lukoil position performs unexpectedly, Skechers USA 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 Skechers USA will offset losses from the drop in Skechers USA'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 |
| Skechers USA vs. On Holding | Skechers USA vs. Steven Madden | Skechers USA vs. Crocs Inc | Skechers USA vs. Designer Brands |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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