Correlation Between Nok Airlines and SunOpta
Can any of the company-specific risk be diversified away by investing in both Nok Airlines and SunOpta 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 SunOpta 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 SunOpta, you can compare the effects of market volatilities on Nok Airlines and SunOpta 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 SunOpta. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nok Airlines and SunOpta.
Diversification Opportunities for Nok Airlines and SunOpta
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Nok and SunOpta is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nok Airlines Public and SunOpta in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SunOpta 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 SunOpta. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SunOpta has no effect on the direction of Nok Airlines i.e., Nok Airlines and SunOpta go up and down completely randomly.
Pair Corralation between Nok Airlines and SunOpta
If you would invest 604.00 in SunOpta on September 1, 2024 and sell it today you would earn a total of 171.00 from holding SunOpta or generate 28.31% 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. SunOpta
Performance |
| Timeline |
| Nok Airlines Public |
| SunOpta |
Nok Airlines and SunOpta Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nok Airlines and SunOpta
The main advantage of trading using opposite Nok Airlines and SunOpta positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nok Airlines position performs unexpectedly, SunOpta 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 SunOpta will offset losses from the drop in SunOpta's long position.| Nok Airlines vs. Academy Sports Outdoors | Nok Airlines vs. Mattel Inc | Nok Airlines vs. Analog Devices | Nok Airlines vs. Canlan Ice Sports |
| SunOpta vs. Seneca Foods Corp | SunOpta vs. Central Garden Pet | SunOpta vs. Central Garden Pet | SunOpta vs. Natures Sunshine Products |
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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