Correlation Between Nok Airlines and ANTA SPORTS
Can any of the company-specific risk be diversified away by investing in both Nok Airlines and ANTA SPORTS 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 Nok Airlines and ANTA SPORTS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nok Airlines PCL and ANTA SPORTS PRODUCT, you can compare the effects of market volatilities on Nok Airlines and ANTA SPORTS 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 Nok Airlines with a short position of ANTA SPORTS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nok Airlines and ANTA SPORTS.
Diversification Opportunities for Nok Airlines and ANTA SPORTS
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Nok and ANTA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nok Airlines PCL and ANTA SPORTS PRODUCT in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ANTA SPORTS PRODUCT and Nok Airlines 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 Nok Airlines PCL are associated (or correlated) with ANTA SPORTS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ANTA SPORTS PRODUCT has no effect on the direction of Nok Airlines i.e., Nok Airlines and ANTA SPORTS go up and down completely randomly.
Pair Corralation between Nok Airlines and ANTA SPORTS
If you would invest 933.00 in ANTA SPORTS PRODUCT on November 5, 2024 and sell it today you would earn a total of 87.00 from holding ANTA SPORTS PRODUCT or generate 9.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Nok Airlines PCL vs. ANTA SPORTS PRODUCT
Performance |
| Timeline |
| Nok Airlines PCL |
| ANTA SPORTS PRODUCT |
Nok Airlines and ANTA SPORTS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nok Airlines and ANTA SPORTS
The main advantage of trading using opposite Nok Airlines and ANTA SPORTS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nok Airlines position performs unexpectedly, ANTA SPORTS 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 ANTA SPORTS will offset losses from the drop in ANTA SPORTS's long position.| Nok Airlines vs. Insurance Australia Group | Nok Airlines vs. New China Life | Nok Airlines vs. SK TELECOM TDADR | Nok Airlines vs. Singapore Telecommunications Limited |
| ANTA SPORTS vs. KENEDIX OFFICE INV | ANTA SPORTS vs. DFS Furniture PLC | ANTA SPORTS vs. CLEAN ENERGY FUELS | ANTA SPORTS vs. The Home Depot |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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