Correlation Between Nok Airlines and OPKO HEALTH
Can any of the company-specific risk be diversified away by investing in both Nok Airlines and OPKO HEALTH 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 OPKO HEALTH 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 OPKO HEALTH, you can compare the effects of market volatilities on Nok Airlines and OPKO HEALTH 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 OPKO HEALTH. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nok Airlines and OPKO HEALTH.
Diversification Opportunities for Nok Airlines and OPKO HEALTH
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Nok and OPKO is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nok Airlines PCL and OPKO HEALTH in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OPKO HEALTH 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 OPKO HEALTH. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OPKO HEALTH has no effect on the direction of Nok Airlines i.e., Nok Airlines and OPKO HEALTH go up and down completely randomly.
Pair Corralation between Nok Airlines and OPKO HEALTH
If you would invest 114.00 in OPKO HEALTH on November 7, 2024 and sell it today you would earn a total of 31.00 from holding OPKO HEALTH or generate 27.19% 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. OPKO HEALTH
Performance |
| Timeline |
| Nok Airlines PCL |
| OPKO HEALTH |
Nok Airlines and OPKO HEALTH Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nok Airlines and OPKO HEALTH
The main advantage of trading using opposite Nok Airlines and OPKO HEALTH positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nok Airlines position performs unexpectedly, OPKO HEALTH 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 OPKO HEALTH will offset losses from the drop in OPKO HEALTH's long position.| Nok Airlines vs. New China Life | Nok Airlines vs. Insurance Australia Group | Nok Airlines vs. Yuexiu Transport Infrastructure | Nok Airlines vs. INSURANCE AUST GRP |
| OPKO HEALTH vs. DATANG INTL POW | OPKO HEALTH vs. Columbia Sportswear | OPKO HEALTH vs. Datadog | OPKO HEALTH vs. NTT DATA |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
Other Complementary Tools
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules |