Correlation Between Nok Airlines and Comba Telecom
Can any of the company-specific risk be diversified away by investing in both Nok Airlines and Comba Telecom 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 Comba Telecom 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 Comba Telecom Systems, you can compare the effects of market volatilities on Nok Airlines and Comba Telecom 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 Comba Telecom. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nok Airlines and Comba Telecom.
Diversification Opportunities for Nok Airlines and Comba Telecom
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Nok and Comba is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nok Airlines PCL and Comba Telecom Systems in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Comba Telecom Systems 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 Comba Telecom. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Comba Telecom Systems has no effect on the direction of Nok Airlines i.e., Nok Airlines and Comba Telecom go up and down completely randomly.
Pair Corralation between Nok Airlines and Comba Telecom
If you would invest 11.00 in Comba Telecom Systems on October 11, 2024 and sell it today you would earn a total of 1.00 from holding Comba Telecom Systems or generate 9.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nok Airlines PCL vs. Comba Telecom Systems
Performance |
| Timeline |
| Nok Airlines PCL |
| Comba Telecom Systems |
Nok Airlines and Comba Telecom Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nok Airlines and Comba Telecom
The main advantage of trading using opposite Nok Airlines and Comba Telecom positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nok Airlines position performs unexpectedly, Comba Telecom 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 Comba Telecom will offset losses from the drop in Comba Telecom's long position.| Nok Airlines vs. Richardson Electronics | Nok Airlines vs. STMICROELECTRONICS | Nok Airlines vs. Methode Electronics | Nok Airlines vs. Samsung Electronics Co |
| Comba Telecom vs. Nok Airlines PCL | Comba Telecom vs. CSSC Offshore Marine | Comba Telecom vs. Solstad Offshore ASA | Comba Telecom vs. International Consolidated Airlines |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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