Correlation Between Nok Airlines and GameStop Corp
Can any of the company-specific risk be diversified away by investing in both Nok Airlines and GameStop Corp 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 GameStop Corp 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 GameStop Corp, you can compare the effects of market volatilities on Nok Airlines and GameStop Corp 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 GameStop Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nok Airlines and GameStop Corp.
Diversification Opportunities for Nok Airlines and GameStop Corp
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Nok and GameStop is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nok Airlines PCL and GameStop Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GameStop Corp 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 GameStop Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GameStop Corp has no effect on the direction of Nok Airlines i.e., Nok Airlines and GameStop Corp go up and down completely randomly.
Pair Corralation between Nok Airlines and GameStop Corp
If you would invest 2.50 in Nok Airlines PCL on November 8, 2024 and sell it today you would earn a total of 0.00 from holding Nok Airlines PCL or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Nok Airlines PCL vs. GameStop Corp
Performance |
| Timeline |
| Nok Airlines PCL |
| GameStop Corp |
Nok Airlines and GameStop Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nok Airlines and GameStop Corp
The main advantage of trading using opposite Nok Airlines and GameStop Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nok Airlines position performs unexpectedly, GameStop Corp 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 GameStop Corp will offset losses from the drop in GameStop Corp's long position.| Nok Airlines vs. AGNC INVESTMENT | Nok Airlines vs. Diversified Healthcare Trust | Nok Airlines vs. MHP Hotel AG | Nok Airlines vs. Wyndham Hotels Resorts |
| GameStop Corp vs. Monster Beverage Corp | GameStop Corp vs. BII Railway Transportation | GameStop Corp vs. THAI BEVERAGE | GameStop Corp vs. Fevertree Drinks PLC |
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.
Other Complementary Tools
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments |