Correlation Between Nokia and KEBNI AB
Can any of the company-specific risk be diversified away by investing in both Nokia and KEBNI AB 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 Nokia and KEBNI AB into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nokia and KEBNI AB SERB, you can compare the effects of market volatilities on Nokia and KEBNI AB 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 Nokia with a short position of KEBNI AB. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nokia and KEBNI AB.
Diversification Opportunities for Nokia and KEBNI AB
Pay attention - limited upside
The 3 months correlation between Nokia and KEBNI is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nokia and KEBNI AB SERB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KEBNI AB SERB and Nokia 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 Nokia are associated (or correlated) with KEBNI AB. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KEBNI AB SERB has no effect on the direction of Nokia i.e., Nokia and KEBNI AB go up and down completely randomly.
Pair Corralation between Nokia and KEBNI AB
If you would invest (100.00) in KEBNI AB SERB on January 10, 2025 and sell it today you would earn a total of 100.00 from holding KEBNI AB SERB or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Nokia vs. KEBNI AB SERB
Performance |
| Timeline |
| Nokia |
| KEBNI AB SERB |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Nokia and KEBNI AB Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nokia and KEBNI AB
The main advantage of trading using opposite Nokia and KEBNI AB positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nokia position performs unexpectedly, KEBNI AB 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 KEBNI AB will offset losses from the drop in KEBNI AB's long position.| Nokia vs. MeVis Medical Solutions | Nokia vs. Platinum Investment Management | Nokia vs. Medical Properties Trust | Nokia vs. Sims Metal Management |
| KEBNI AB vs. Vienna Insurance Group | KEBNI AB vs. Japan Post Insurance | KEBNI AB vs. ZURICH INSURANCE GROUP | KEBNI AB vs. Calibre Mining 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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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