Correlation Between Plexus Corp and Nok Airlines
Can any of the company-specific risk be diversified away by investing in both Plexus Corp 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 Plexus Corp and Nok Airlines into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Plexus Corp and Nok Airlines Public, you can compare the effects of market volatilities on Plexus Corp 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 Plexus Corp with a short position of Nok Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Plexus Corp and Nok Airlines.
Diversification Opportunities for Plexus Corp and Nok Airlines
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Plexus and Nok is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Plexus Corp and Nok Airlines Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nok Airlines Public and Plexus Corp 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 Plexus Corp 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 Public has no effect on the direction of Plexus Corp i.e., Plexus Corp and Nok Airlines go up and down completely randomly.
Pair Corralation between Plexus Corp and Nok Airlines
If you would invest 10,758 in Plexus Corp on September 2, 2024 and sell it today you would earn a total of 5,682 from holding Plexus Corp or generate 52.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Plexus Corp vs. Nok Airlines Public
Performance |
| Timeline |
| Plexus Corp |
| Nok Airlines Public |
Plexus Corp and Nok Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Plexus Corp and Nok Airlines
The main advantage of trading using opposite Plexus Corp and Nok Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Plexus Corp 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.| Plexus Corp vs. Knowles Cor | Plexus Corp vs. Ubiquiti Networks | Plexus Corp vs. AmpliTech Group | Plexus Corp vs. Viavi Solutions |
| Nok Airlines vs. Simpson Manufacturing | Nok Airlines vs. Transocean | Nok Airlines vs. EMCOR Group | Nok Airlines vs. Helmerich and Payne |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
Other Complementary Tools
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments |