Correlation Between Nok Airlines and Genocea Biosciences
Can any of the company-specific risk be diversified away by investing in both Nok Airlines and Genocea Biosciences 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 Genocea Biosciences 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 Genocea Biosciences, you can compare the effects of market volatilities on Nok Airlines and Genocea Biosciences 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 Genocea Biosciences. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nok Airlines and Genocea Biosciences.
Diversification Opportunities for Nok Airlines and Genocea Biosciences
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Nok and Genocea is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nok Airlines Public and Genocea Biosciences in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Genocea Biosciences 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 Genocea Biosciences. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Genocea Biosciences has no effect on the direction of Nok Airlines i.e., Nok Airlines and Genocea Biosciences go up and down completely randomly.
Pair Corralation between Nok Airlines and Genocea Biosciences
If you would invest (100.00) in Genocea Biosciences on September 1, 2024 and sell it today you would earn a total of 100.00 from holding Genocea Biosciences 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 |
Nok Airlines Public vs. Genocea Biosciences
Performance |
| Timeline |
| Nok Airlines Public |
| Genocea Biosciences |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Nok Airlines and Genocea Biosciences Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nok Airlines and Genocea Biosciences
The main advantage of trading using opposite Nok Airlines and Genocea Biosciences positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nok Airlines position performs unexpectedly, Genocea Biosciences 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 Genocea Biosciences will offset losses from the drop in Genocea Biosciences' long position.| Nok Airlines vs. Academy Sports Outdoors | Nok Airlines vs. Mattel Inc | Nok Airlines vs. Analog Devices | Nok Airlines vs. Canlan Ice Sports |
| Genocea Biosciences vs. Sun Country Airlines | Genocea Biosciences vs. Iridium Communications | Genocea Biosciences vs. 51Talk Online Education | Genocea Biosciences vs. Hafnia Limited |
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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