Correlation Between Nok Airlines and Daily Journal

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Can any of the company-specific risk be diversified away by investing in both Nok Airlines and Daily Journal 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 Daily Journal into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nok Airlines Public and Daily Journal Corp, you can compare the effects of market volatilities on Nok Airlines and Daily Journal 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 Daily Journal. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nok Airlines and Daily Journal.

Diversification Opportunities for Nok Airlines and Daily Journal

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Nok and Daily is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nok Airlines Public and Daily Journal Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Daily Journal Corp 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 Public are associated (or correlated) with Daily Journal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Daily Journal Corp has no effect on the direction of Nok Airlines i.e., Nok Airlines and Daily Journal go up and down completely randomly.

Pair Corralation between Nok Airlines and Daily Journal

If you would invest  26,513  in Daily Journal Corp on September 3, 2024 and sell it today you would earn a total of  29,938  from holding Daily Journal Corp or generate 112.92% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy99.8%
ValuesDaily Returns

Nok Airlines Public  vs.  Daily Journal Corp

 Performance 
       Timeline  
Nok Airlines Public 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Nok Airlines Public has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable technical and fundamental indicators, Nok Airlines is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.
Daily Journal Corp 

Risk-Adjusted Performance

9 of 100

 
Weak
 
Strong
OK
Compared to the overall equity markets, risk-adjusted returns on investments in Daily Journal Corp are ranked lower than 9 (%) of all global equities and portfolios over the last 90 days. In spite of very weak fundamental indicators, Daily Journal displayed solid returns over the last few months and may actually be approaching a breakup point.

Nok Airlines and Daily Journal Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Nok Airlines and Daily Journal

The main advantage of trading using opposite Nok Airlines and Daily Journal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nok Airlines position performs unexpectedly, Daily Journal 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 Daily Journal will offset losses from the drop in Daily Journal's long position.
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The idea behind Nok Airlines Public and Daily Journal Corp pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.

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