Correlation Between Nok Airlines and Entegris
Can any of the company-specific risk be diversified away by investing in both Nok Airlines and Entegris 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 Entegris 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 Entegris, you can compare the effects of market volatilities on Nok Airlines and Entegris 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 Entegris. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nok Airlines and Entegris.
Diversification Opportunities for Nok Airlines and Entegris
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Nok and Entegris is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nok Airlines Public and Entegris in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Entegris 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 Entegris. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Entegris has no effect on the direction of Nok Airlines i.e., Nok Airlines and Entegris go up and down completely randomly.
Pair Corralation between Nok Airlines and Entegris
If you would invest 9.50 in Nok Airlines Public on January 9, 2025 and sell it today you would earn a total of 0.00 from holding Nok Airlines Public or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Nok Airlines Public vs. Entegris
Performance |
| Timeline |
| Nok Airlines Public |
| Entegris |
Nok Airlines and Entegris Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nok Airlines and Entegris
The main advantage of trading using opposite Nok Airlines and Entegris positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nok Airlines position performs unexpectedly, Entegris 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 Entegris will offset losses from the drop in Entegris' long position.| Nok Airlines vs. Turning Point Brands | Nok Airlines vs. Ispire Technology Common | Nok Airlines vs. Ambev SA ADR | Nok Airlines vs. RLX Technology |
| Entegris vs. Teradyne | Entegris vs. Ichor Holdings | Entegris vs. Amtech Systems | Entegris vs. Veeco Instruments |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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