Correlation Between Nok Airlines and MQGAU
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By analyzing existing cross correlation between Nok Airlines Public and MQGAU 4654 27 MAR 29, you can compare the effects of market volatilities on Nok Airlines and MQGAU 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 MQGAU. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nok Airlines and MQGAU.
Diversification Opportunities for Nok Airlines and MQGAU
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Nok and MQGAU is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nok Airlines Public and MQGAU 4654 27 MAR 29 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MQGAU 4654 27 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 MQGAU. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MQGAU 4654 27 has no effect on the direction of Nok Airlines i.e., Nok Airlines and MQGAU go up and down completely randomly.
Pair Corralation between Nok Airlines and MQGAU
If you would invest 9,853 in MQGAU 4654 27 MAR 29 on September 12, 2024 and sell it today you would earn a total of 73.00 from holding MQGAU 4654 27 MAR 29 or generate 0.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 35.0% |
| Values | Daily Returns |
Nok Airlines Public vs. MQGAU 4654 27 MAR 29
Performance |
| Timeline |
| Nok Airlines Public |
| MQGAU 4654 27 |
Nok Airlines and MQGAU Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nok Airlines and MQGAU
The main advantage of trading using opposite Nok Airlines and MQGAU positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nok Airlines position performs unexpectedly, MQGAU 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 MQGAU will offset losses from the drop in MQGAU'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 |
| MQGAU vs. Chewy Inc | MQGAU vs. National Vision Holdings | MQGAU vs. Fast Retailing Co | MQGAU vs. Revolve Group LLC |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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