Correlation Between Sonida Senior and NK Lukoil
Can any of the company-specific risk be diversified away by investing in both Sonida Senior 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 Sonida Senior and NK Lukoil into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sonida Senior Living and NK Lukoil PAO, you can compare the effects of market volatilities on Sonida Senior 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 Sonida Senior with a short position of NK Lukoil. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sonida Senior and NK Lukoil.
Diversification Opportunities for Sonida Senior and NK Lukoil
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Sonida and LUKOY is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Sonida Senior Living 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 Sonida Senior 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 Sonida Senior Living 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 Sonida Senior i.e., Sonida Senior and NK Lukoil go up and down completely randomly.
Pair Corralation between Sonida Senior and NK Lukoil
If you would invest 2,476 in Sonida Senior Living on September 12, 2024 and sell it today you would earn a total of 66.00 from holding Sonida Senior Living or generate 2.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Sonida Senior Living vs. NK Lukoil PAO
Performance |
| Timeline |
| Sonida Senior Living |
| NK Lukoil PAO |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Sonida Senior and NK Lukoil Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sonida Senior and NK Lukoil
The main advantage of trading using opposite Sonida Senior and NK Lukoil positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sonida Senior 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.| Sonida Senior vs. Select Medical Holdings | Sonida Senior vs. Encompass Health Corp | Sonida Senior vs. Pennant Group | Sonida Senior vs. InnovAge Holding Corp |
| NK Lukoil vs. Lion One Metals | NK Lukoil vs. Eldorado Gold Corp | NK Lukoil vs. Qualys Inc | NK Lukoil vs. Highway Holdings Limited |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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