Correlation Between Nok Airlines and Marine Products
Can any of the company-specific risk be diversified away by investing in both Nok Airlines and Marine Products 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 Marine Products 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 Marine Products, you can compare the effects of market volatilities on Nok Airlines and Marine Products 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 Marine Products. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nok Airlines and Marine Products.
Diversification Opportunities for Nok Airlines and Marine Products
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Nok and Marine is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nok Airlines Public and Marine Products in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Marine Products 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 Marine Products. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Marine Products has no effect on the direction of Nok Airlines i.e., Nok Airlines and Marine Products go up and down completely randomly.
Pair Corralation between Nok Airlines and Marine Products
If you would invest 989.00 in Marine Products on September 2, 2024 and sell it today you would earn a total of 0.00 from holding Marine Products or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nok Airlines Public vs. Marine Products
Performance |
| Timeline |
| Nok Airlines Public |
| Marine Products |
Nok Airlines and Marine Products Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nok Airlines and Marine Products
The main advantage of trading using opposite Nok Airlines and Marine Products positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nok Airlines position performs unexpectedly, Marine Products 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 Marine Products will offset losses from the drop in Marine Products' long position.| Nok Airlines vs. Simpson Manufacturing | Nok Airlines vs. Transocean | Nok Airlines vs. EMCOR Group | Nok Airlines vs. Helmerich and Payne |
| Marine Products vs. LCI Industries | Marine Products vs. MCBC Holdings | Marine Products vs. Winnebago Industries | Marine Products vs. Thor Industries |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
Other Complementary Tools
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Fundamental Analysis View fundamental data based on most recent published financial statements |