Correlation Between Skechers USA and NK Lukoil
Can any of the company-specific risk be diversified away by investing in both Skechers USA and NK Lukoil 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 Skechers USA and NK Lukoil into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Skechers USA and NK Lukoil PAO, you can compare the effects of market volatilities on Skechers USA and NK Lukoil 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 Skechers USA with a short position of NK Lukoil. Check out your portfolio center. Please also check ongoing floating volatility patterns of Skechers USA and NK Lukoil.
Diversification Opportunities for Skechers USA and NK Lukoil
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Skechers and LUKOY is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Skechers USA and NK Lukoil PAO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NK Lukoil PAO and Skechers USA 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 Skechers USA are associated (or correlated) with NK Lukoil. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NK Lukoil PAO has no effect on the direction of Skechers USA i.e., Skechers USA and NK Lukoil go up and down completely randomly.
Pair Corralation between Skechers USA and NK Lukoil
If you would invest 696.00 in NK Lukoil PAO on September 3, 2024 and sell it today you would earn a total of 0.00 from holding NK Lukoil PAO or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 1.56% |
| Values | Daily Returns |
Skechers USA vs. NK Lukoil PAO
Performance |
| Timeline |
| Skechers USA |
| NK Lukoil PAO |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Skechers USA and NK Lukoil Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Skechers USA and NK Lukoil
The main advantage of trading using opposite Skechers USA and NK Lukoil positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Skechers USA position performs unexpectedly, NK Lukoil 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 NK Lukoil will offset losses from the drop in NK Lukoil's long position.| Skechers USA vs. Designer Brands | Skechers USA vs. Steven Madden | Skechers USA vs. Weyco Group | Skechers USA vs. Rocky Brands |
| NK Lukoil vs. Procter Gamble | NK Lukoil vs. Nike Inc | NK Lukoil vs. Skechers USA | NK Lukoil vs. Lincoln Electric Holdings |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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