Correlation Between Nextnav Acquisition and LOEWS
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By analyzing existing cross correlation between Nextnav Acquisition Corp and LOEWS P 375, you can compare the effects of market volatilities on Nextnav Acquisition and LOEWS 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 LOEWS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nextnav Acquisition and LOEWS.
Diversification Opportunities for Nextnav Acquisition and LOEWS
-0.74 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Nextnav and LOEWS is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding Nextnav Acquisition Corp and LOEWS P 375 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on LOEWS P 375 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 LOEWS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LOEWS P 375 has no effect on the direction of Nextnav Acquisition i.e., Nextnav Acquisition and LOEWS go up and down completely randomly.
Pair Corralation between Nextnav Acquisition and LOEWS
Allowing for the 90-day total investment horizon Nextnav Acquisition Corp is expected to generate 9.92 times more return on investment than LOEWS. However, Nextnav Acquisition is 9.92 times more volatile than LOEWS P 375. It trades about 0.39 of its potential returns per unit of risk. LOEWS P 375 is currently generating about -0.22 per unit of risk. If you would invest 1,287 in Nextnav Acquisition Corp on September 4, 2024 and sell it today you would earn a total of 438.00 from holding Nextnav Acquisition Corp or generate 34.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Nextnav Acquisition Corp vs. LOEWS P 375
Performance |
| Timeline |
| Nextnav Acquisition Corp |
| LOEWS P 375 |
Nextnav Acquisition and LOEWS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nextnav Acquisition and LOEWS
The main advantage of trading using opposite Nextnav Acquisition and LOEWS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nextnav Acquisition position performs unexpectedly, LOEWS 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 LOEWS will offset losses from the drop in LOEWS's long position.| Nextnav Acquisition vs. NetScout Systems | Nextnav Acquisition vs. Priority Technology Holdings | Nextnav Acquisition vs. OneSpan | Nextnav Acquisition vs. Consensus Cloud Solutions |
| LOEWS vs. Jabil Circuit | LOEWS vs. Juniata Valley Financial | LOEWS vs. Nextnav Acquisition Corp | LOEWS vs. Flex |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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