Correlation Between Rivian Automotive and Nokia
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By analyzing existing cross correlation between Rivian Automotive and Nokia 6625 percent, you can compare the effects of market volatilities on Rivian Automotive 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 Rivian Automotive with a short position of Nokia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rivian Automotive and Nokia.
Diversification Opportunities for Rivian Automotive and Nokia
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Rivian and Nokia is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Rivian Automotive 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 Rivian Automotive 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 Rivian Automotive 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 Rivian Automotive i.e., Rivian Automotive and Nokia go up and down completely randomly.
Pair Corralation between Rivian Automotive and Nokia
Given the investment horizon of 90 days Rivian Automotive is expected to generate 3.6 times more return on investment than Nokia. However, Rivian Automotive is 3.6 times more volatile than Nokia 6625 percent. It trades about 0.17 of its potential returns per unit of risk. Nokia 6625 percent is currently generating about -0.16 per unit of risk. If you would invest 1,029 in Rivian Automotive on September 3, 2024 and sell it today you would earn a total of 194.00 from holding Rivian Automotive or generate 18.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.0% |
| Values | Daily Returns |
Rivian Automotive vs. Nokia 6625 percent
Performance |
| Timeline |
| Rivian Automotive |
| Nokia 6625 percent |
Rivian Automotive and Nokia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rivian Automotive and Nokia
The main advantage of trading using opposite Rivian Automotive and Nokia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rivian Automotive 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.| Rivian Automotive vs. GreenPower Motor | Rivian Automotive vs. ZEEKR Intelligent Technology | Rivian Automotive vs. Volcon Inc | Rivian Automotive vs. Ford Motor |
| 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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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