Correlation Between Nextnav Acquisition and EXXON
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By analyzing existing cross correlation between Nextnav Acquisition Corp and EXXON MOBIL P, you can compare the effects of market volatilities on Nextnav Acquisition and EXXON 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 Nextnav Acquisition with a short position of EXXON. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nextnav Acquisition and EXXON.
Diversification Opportunities for Nextnav Acquisition and EXXON
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Nextnav and EXXON is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding Nextnav Acquisition Corp and EXXON MOBIL P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EXXON MOBIL P and Nextnav Acquisition 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 Nextnav Acquisition Corp are associated (or correlated) with EXXON. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EXXON MOBIL P has no effect on the direction of Nextnav Acquisition i.e., Nextnav Acquisition and EXXON go up and down completely randomly.
Pair Corralation between Nextnav Acquisition and EXXON
Allowing for the 90-day total investment horizon Nextnav Acquisition Corp is expected to generate 2.8 times more return on investment than EXXON. However, Nextnav Acquisition is 2.8 times more volatile than EXXON MOBIL P. It trades about 0.51 of its potential returns per unit of risk. EXXON MOBIL P is currently generating about 0.09 per unit of risk. If you would invest 1,162 in Nextnav Acquisition Corp on September 1, 2024 and sell it today you would earn a total of 577.00 from holding Nextnav Acquisition Corp or generate 49.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nextnav Acquisition Corp vs. EXXON MOBIL P
Performance |
| Timeline |
| Nextnav Acquisition Corp |
| EXXON MOBIL P |
Nextnav Acquisition and EXXON Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nextnav Acquisition and EXXON
The main advantage of trading using opposite Nextnav Acquisition and EXXON positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nextnav Acquisition position performs unexpectedly, EXXON 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 EXXON will offset losses from the drop in EXXON's long position.| Nextnav Acquisition vs. Nutanix | Nextnav Acquisition vs. Palo Alto Networks | Nextnav Acquisition vs. GigaCloud Technology Class | Nextnav Acquisition vs. Pagaya Technologies |
| EXXON vs. IPG Photonics | EXXON vs. NETGEAR | EXXON vs. Nextnav Acquisition Corp | EXXON vs. Playtika Holding Corp |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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