Correlation Between Nok Airlines and Marchex
Can any of the company-specific risk be diversified away by investing in both Nok Airlines and Marchex 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 Marchex 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 Marchex, you can compare the effects of market volatilities on Nok Airlines and Marchex 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 Marchex. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nok Airlines and Marchex.
Diversification Opportunities for Nok Airlines and Marchex
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Nok and Marchex is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nok Airlines Public and Marchex in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Marchex 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 Marchex. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Marchex has no effect on the direction of Nok Airlines i.e., Nok Airlines and Marchex go up and down completely randomly.
Pair Corralation between Nok Airlines and Marchex
If you would invest 183.00 in Marchex on September 3, 2024 and sell it today you would lose (1.00) from holding Marchex or give up 0.55% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nok Airlines Public vs. Marchex
Performance |
| Timeline |
| Nok Airlines Public |
| Marchex |
Nok Airlines and Marchex Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nok Airlines and Marchex
The main advantage of trading using opposite Nok Airlines and Marchex positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nok Airlines position performs unexpectedly, Marchex 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 Marchex will offset losses from the drop in Marchex's long position.| Nok Airlines vs. Finnair Oyj | Nok Airlines vs. easyJet plc | Nok Airlines vs. Norse Atlantic ASA | Nok Airlines vs. Air New Zealand |
| Marchex vs. Entravision Communications | Marchex vs. Direct Digital Holdings | Marchex vs. Cimpress NV | Marchex vs. Townsquare Media |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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