Correlation Between Nok Airlines and 06051GKE8
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By analyzing existing cross correlation between Nok Airlines Public and BAC 153 06 DEC 25, you can compare the effects of market volatilities on Nok Airlines and 06051GKE8 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 06051GKE8. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nok Airlines and 06051GKE8.
Diversification Opportunities for Nok Airlines and 06051GKE8
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Nok and 06051GKE8 is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nok Airlines Public and BAC 153 06 DEC 25 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BAC 153 06 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 06051GKE8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BAC 153 06 has no effect on the direction of Nok Airlines i.e., Nok Airlines and 06051GKE8 go up and down completely randomly.
Pair Corralation between Nok Airlines and 06051GKE8
If you would invest 9.50 in Nok Airlines Public on September 2, 2024 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 | 98.79% |
| Values | Daily Returns |
Nok Airlines Public vs. BAC 153 06 DEC 25
Performance |
| Timeline |
| Nok Airlines Public |
| BAC 153 06 |
Nok Airlines and 06051GKE8 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nok Airlines and 06051GKE8
The main advantage of trading using opposite Nok Airlines and 06051GKE8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nok Airlines position performs unexpectedly, 06051GKE8 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 06051GKE8 will offset losses from the drop in 06051GKE8's long position.| Nok Airlines vs. Simpson Manufacturing | Nok Airlines vs. Transocean | Nok Airlines vs. EMCOR Group | Nok Airlines vs. Helmerich and Payne |
| 06051GKE8 vs. ATT Inc | 06051GKE8 vs. Home Depot | 06051GKE8 vs. Cisco Systems | 06051GKE8 vs. Dupont De Nemours |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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