Correlation Between Nokia Oyj and Fillamentum
Can any of the company-specific risk be diversified away by investing in both Nokia Oyj and Fillamentum 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 Nokia Oyj and Fillamentum into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nokia Oyj and Fillamentum as, you can compare the effects of market volatilities on Nokia Oyj and Fillamentum 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 Nokia Oyj with a short position of Fillamentum. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nokia Oyj and Fillamentum.
Diversification Opportunities for Nokia Oyj and Fillamentum
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Nokia and Fillamentum is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nokia Oyj and Fillamentum as in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fillamentum as and Nokia Oyj 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 Nokia Oyj are associated (or correlated) with Fillamentum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fillamentum as has no effect on the direction of Nokia Oyj i.e., Nokia Oyj and Fillamentum go up and down completely randomly.
Pair Corralation between Nokia Oyj and Fillamentum
If you would invest (100.00) in Nokia Oyj on January 23, 2025 and sell it today you would earn a total of 100.00 from holding Nokia Oyj 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 |
Nokia Oyj vs. Fillamentum as
Performance |
| Timeline |
| Nokia Oyj |
Risk-Adjusted Performance
Insignificant
Weak | Strong |
| Fillamentum as |
Nokia Oyj and Fillamentum Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nokia Oyj and Fillamentum
The main advantage of trading using opposite Nokia Oyj and Fillamentum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nokia Oyj position performs unexpectedly, Fillamentum 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 Fillamentum will offset losses from the drop in Fillamentum's long position.| Nokia Oyj vs. Vienna Insurance Group | Nokia Oyj vs. UNIQA Insurance Group | Nokia Oyj vs. Komercni Banka AS | Nokia Oyj vs. Moneta Money Bank |
| Fillamentum vs. JT ARCH INVESTMENTS | Fillamentum vs. Komercni Banka AS | Fillamentum vs. UNIQA Insurance Group | Fillamentum vs. Vienna Insurance Group |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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