Correlation Between Nok Airlines and 928881AF8
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By analyzing existing cross correlation between Nok Airlines Public and VNT 295 01 APR 31, you can compare the effects of market volatilities on Nok Airlines and 928881AF8 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 928881AF8. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nok Airlines and 928881AF8.
Diversification Opportunities for Nok Airlines and 928881AF8
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Nok and 928881AF8 is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nok Airlines Public and VNT 295 01 APR 31 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on VNT 295 01 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 928881AF8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of VNT 295 01 has no effect on the direction of Nok Airlines i.e., Nok Airlines and 928881AF8 go up and down completely randomly.
Pair Corralation between Nok Airlines and 928881AF8
If you would invest (100.00) in VNT 295 01 APR 31 on September 4, 2024 and sell it today you would earn a total of 100.00 from holding VNT 295 01 APR 31 or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Nok Airlines Public vs. VNT 295 01 APR 31
Performance |
| Timeline |
| Nok Airlines Public |
| VNT 295 01 |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Nok Airlines and 928881AF8 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nok Airlines and 928881AF8
The main advantage of trading using opposite Nok Airlines and 928881AF8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nok Airlines position performs unexpectedly, 928881AF8 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 928881AF8 will offset losses from the drop in 928881AF8'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 |
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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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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