Correlation Between NYSE Composite and Nokia
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By analyzing existing cross correlation between NYSE Composite and Nokia 6625 percent, you can compare the effects of market volatilities on NYSE Composite and Nokia 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 NYSE Composite with a short position of Nokia. Check out your portfolio center. Please also check ongoing floating volatility patterns of NYSE Composite and Nokia.
Diversification Opportunities for NYSE Composite and Nokia
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between NYSE and Nokia is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding NYSE Composite and Nokia 6625 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nokia 6625 percent and NYSE Composite 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 NYSE Composite are associated (or correlated) with Nokia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nokia 6625 percent has no effect on the direction of NYSE Composite i.e., NYSE Composite and Nokia go up and down completely randomly.
Pair Corralation between NYSE Composite and Nokia
Assuming the 90 days trading horizon NYSE Composite is expected to generate 0.56 times more return on investment than Nokia. However, NYSE Composite is 1.78 times less risky than Nokia. It trades about 0.17 of its potential returns per unit of risk. Nokia 6625 percent is currently generating about -0.14 per unit of risk. If you would invest 1,901,742 in NYSE Composite on September 3, 2024 and sell it today you would earn a total of 125,462 from holding NYSE Composite or generate 6.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 96.88% |
| Values | Daily Returns |
NYSE Composite vs. Nokia 6625 percent
Performance |
| Timeline |
NYSE Composite and Nokia Volatility Contrast
Predicted Return Density |
| Returns |
NYSE Composite
Pair trading matchups for NYSE Composite
Nokia 6625 percent
Pair trading matchups for Nokia
Pair Trading with NYSE Composite and Nokia
The main advantage of trading using opposite NYSE Composite and Nokia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NYSE Composite position performs unexpectedly, Nokia 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 Nokia will offset losses from the drop in Nokia's long position.| NYSE Composite vs. Lindblad Expeditions Holdings | NYSE Composite vs. LB Foster | NYSE Composite vs. HUTCHMED DRC | NYSE Composite vs. Bridgford Foods |
| Nokia vs. Coupang LLC | Nokia vs. Sun Life Financial | Nokia vs. Cedar Realty Trust | Nokia vs. Meiwu Technology Co |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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