Correlation Between Nomura Holdings and APACHE
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By analyzing existing cross correlation between Nomura Holdings ADR and APACHE P 51, you can compare the effects of market volatilities on Nomura Holdings and APACHE 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 Nomura Holdings with a short position of APACHE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nomura Holdings and APACHE.
Diversification Opportunities for Nomura Holdings and APACHE
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Nomura and APACHE is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding Nomura Holdings ADR and APACHE P 51 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APACHE P 51 and Nomura Holdings 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 Nomura Holdings ADR are associated (or correlated) with APACHE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of APACHE P 51 has no effect on the direction of Nomura Holdings i.e., Nomura Holdings and APACHE go up and down completely randomly.
Pair Corralation between Nomura Holdings and APACHE
Considering the 90-day investment horizon Nomura Holdings ADR is expected to generate 0.97 times more return on investment than APACHE. However, Nomura Holdings ADR is 1.03 times less risky than APACHE. It trades about 0.44 of its potential returns per unit of risk. APACHE P 51 is currently generating about -0.14 per unit of risk. If you would invest 526.00 in Nomura Holdings ADR on September 5, 2024 and sell it today you would earn a total of 99.00 from holding Nomura Holdings ADR or generate 18.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 90.91% |
| Values | Daily Returns |
Nomura Holdings ADR vs. APACHE P 51
Performance |
| Timeline |
| Nomura Holdings ADR |
| APACHE P 51 |
Nomura Holdings and APACHE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nomura Holdings and APACHE
The main advantage of trading using opposite Nomura Holdings and APACHE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nomura Holdings position performs unexpectedly, APACHE 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 APACHE will offset losses from the drop in APACHE's long position.| Nomura Holdings vs. Perella Weinberg Partners | Nomura Holdings vs. Oppenheimer Holdings | Nomura Holdings vs. Stifel Financial Corp | Nomura Holdings vs. Piper Sandler Companies |
| APACHE vs. Nomura Holdings ADR | APACHE vs. Summit Hotel Properties | APACHE vs. Shake Shack | APACHE vs. Stepstone Group |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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