Correlation Between Nok Airlines and EXXON
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By analyzing existing cross correlation between Nok Airlines Public and EXXON MOBIL P, you can compare the effects of market volatilities on Nok Airlines and EXXON 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 EXXON. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nok Airlines and EXXON.
Diversification Opportunities for Nok Airlines and EXXON
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Nok and EXXON is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nok Airlines Public and EXXON MOBIL P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EXXON MOBIL P 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 EXXON. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EXXON MOBIL P has no effect on the direction of Nok Airlines i.e., Nok Airlines and EXXON go up and down completely randomly.
Pair Corralation between Nok Airlines and EXXON
If you would invest 0.00 in EXXON MOBIL P on September 12, 2024 and sell it today you would earn a total of 8,113 from holding EXXON MOBIL P or generate 9.223372036854776E16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 96.66% |
| Values | Daily Returns |
Nok Airlines Public vs. EXXON MOBIL P
Performance |
| Timeline |
| Nok Airlines Public |
| EXXON MOBIL P |
Nok Airlines and EXXON Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nok Airlines and EXXON
The main advantage of trading using opposite Nok Airlines and EXXON positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nok Airlines position performs unexpectedly, EXXON 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 EXXON will offset losses from the drop in EXXON'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 |
| EXXON vs. Barrick Gold Corp | EXXON vs. Perseus Mining Limited | EXXON vs. Summit Materials | EXXON vs. Nok Airlines Public |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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