Correlation Between Nok Airlines and PSI Software
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By analyzing existing cross correlation between Nok Airlines PCL and PSI Software AG, you can compare the effects of market volatilities on Nok Airlines and PSI Software 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 PSI Software. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nok Airlines and PSI Software.
Diversification Opportunities for Nok Airlines and PSI Software
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Nok and PSI is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nok Airlines PCL and PSI Software AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PSI Software AG 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 PSI Software. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PSI Software AG has no effect on the direction of Nok Airlines i.e., Nok Airlines and PSI Software go up and down completely randomly.
Pair Corralation between Nok Airlines and PSI Software
If you would invest 2,150 in PSI Software AG on September 2, 2024 and sell it today you would earn a total of 30.00 from holding PSI Software AG or generate 1.4% 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. PSI Software AG
Performance |
| Timeline |
| Nok Airlines PCL |
| PSI Software AG |
Nok Airlines and PSI Software Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nok Airlines and PSI Software
The main advantage of trading using opposite Nok Airlines and PSI Software positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nok Airlines position performs unexpectedly, PSI Software 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 PSI Software will offset losses from the drop in PSI Software's long position.| Nok Airlines vs. Apple Inc | Nok Airlines vs. Apple Inc | Nok Airlines vs. Apple Inc | Nok Airlines vs. Apple Inc |
| PSI Software vs. LG Display Co | PSI Software vs. Magnachip Semiconductor | PSI Software vs. BE Semiconductor Industries | PSI Software vs. ELMOS SEMICONDUCTOR |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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