Correlation Between INTEL and Eastman Kodak
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By analyzing existing cross correlation between INTEL P 49 and Eastman Kodak Co, you can compare the effects of market volatilities on INTEL and Eastman Kodak 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 INTEL with a short position of Eastman Kodak. Check out your portfolio center. Please also check ongoing floating volatility patterns of INTEL and Eastman Kodak.
Diversification Opportunities for INTEL and Eastman Kodak
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between INTEL and Eastman is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding INTEL P 49 and Eastman Kodak Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eastman Kodak and INTEL 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 INTEL P 49 are associated (or correlated) with Eastman Kodak. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eastman Kodak has no effect on the direction of INTEL i.e., INTEL and Eastman Kodak go up and down completely randomly.
Pair Corralation between INTEL and Eastman Kodak
Assuming the 90 days trading horizon INTEL P 49 is expected to generate 11.65 times more return on investment than Eastman Kodak. However, INTEL is 11.65 times more volatile than Eastman Kodak Co. It trades about 0.04 of its potential returns per unit of risk. Eastman Kodak Co is currently generating about 0.05 per unit of risk. If you would invest 9,753 in INTEL P 49 on September 3, 2024 and sell it today you would earn a total of 48.00 from holding INTEL P 49 or generate 0.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 90.1% |
| Values | Daily Returns |
INTEL P 49 vs. Eastman Kodak Co
Performance |
| Timeline |
| INTEL P 49 |
| Eastman Kodak |
INTEL and Eastman Kodak Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INTEL and Eastman Kodak
The main advantage of trading using opposite INTEL and Eastman Kodak positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INTEL position performs unexpectedly, Eastman Kodak 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 Eastman Kodak will offset losses from the drop in Eastman Kodak's long position.| INTEL vs. Life Time Group | INTEL vs. Wicket Gaming AB | INTEL vs. Kura Sushi USA | INTEL vs. Dalata Hotel Group |
| Eastman Kodak vs. SMX Public Limited | Eastman Kodak vs. System1 | Eastman Kodak vs. Lichen China Limited | Eastman Kodak vs. Team Inc |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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