Correlation Between EHEALTH and Nok Airlines
Can any of the company-specific risk be diversified away by investing in both EHEALTH 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 EHEALTH and Nok Airlines into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between EHEALTH and Nok Airlines PCL, you can compare the effects of market volatilities on EHEALTH 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 EHEALTH with a short position of Nok Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of EHEALTH and Nok Airlines.
Diversification Opportunities for EHEALTH and Nok Airlines
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between EHEALTH and Nok is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding EHEALTH and Nok Airlines PCL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nok Airlines PCL and EHEALTH 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 EHEALTH 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 PCL has no effect on the direction of EHEALTH i.e., EHEALTH and Nok Airlines go up and down completely randomly.
Pair Corralation between EHEALTH and Nok Airlines
If you would invest 488.00 in EHEALTH on September 13, 2024 and sell it today you would earn a total of 25.00 from holding EHEALTH or generate 5.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
EHEALTH vs. Nok Airlines PCL
Performance |
| Timeline |
| EHEALTH |
| Nok Airlines PCL |
EHEALTH and Nok Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with EHEALTH and Nok Airlines
The main advantage of trading using opposite EHEALTH and Nok Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EHEALTH 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.| EHEALTH vs. CDN IMPERIAL BANK | EHEALTH vs. Sekisui Chemical Co | EHEALTH vs. X FAB Silicon Foundries | EHEALTH vs. Eastman Chemical |
| Nok Airlines vs. Apple Inc | Nok Airlines vs. Apple Inc | Nok Airlines vs. Apple Inc | Nok Airlines vs. Apple Inc |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
Other Complementary Tools
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated |