Correlation Between Perseus Mining and Nok Airlines
Can any of the company-specific risk be diversified away by investing in both Perseus Mining and Nok Airlines 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 Perseus Mining and Nok Airlines into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Perseus Mining Limited and Nok Airlines PCL, you can compare the effects of market volatilities on Perseus Mining and Nok Airlines 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 Perseus Mining with a short position of Nok Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Perseus Mining and Nok Airlines.
Diversification Opportunities for Perseus Mining and Nok Airlines
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Perseus and Nok is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Perseus Mining Limited and Nok Airlines PCL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nok Airlines PCL and Perseus Mining 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 Perseus Mining Limited are associated (or correlated) with Nok Airlines. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nok Airlines PCL has no effect on the direction of Perseus Mining i.e., Perseus Mining and Nok Airlines go up and down completely randomly.
Pair Corralation between Perseus Mining and Nok Airlines
If you would invest 154.00 in Perseus Mining Limited on November 8, 2024 and sell it today you would earn a total of 22.00 from holding Perseus Mining Limited or generate 14.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Perseus Mining Limited vs. Nok Airlines PCL
Performance |
| Timeline |
| Perseus Mining |
| Nok Airlines PCL |
Perseus Mining and Nok Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Perseus Mining and Nok Airlines
The main advantage of trading using opposite Perseus Mining and Nok Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Perseus Mining position performs unexpectedly, Nok Airlines 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 Nok Airlines will offset losses from the drop in Nok Airlines' long position.| Perseus Mining vs. ZIJIN MINH UNSPADR20 | Perseus Mining vs. Newmont | Perseus Mining vs. Barrick Gold | Perseus Mining vs. Franco Nevada |
| Nok Airlines vs. USWE SPORTS AB | Nok Airlines vs. Playtech plc | Nok Airlines vs. Diamyd Medical AB | Nok Airlines vs. PLAYTIKA HOLDING DL 01 |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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