Correlation Between 594918BK9 and Nok Airlines
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By analyzing existing cross correlation between MICROSOFT P 42 and Nok Airlines Public, you can compare the effects of market volatilities on 594918BK9 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 594918BK9 with a short position of Nok Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of 594918BK9 and Nok Airlines.
Diversification Opportunities for 594918BK9 and Nok Airlines
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between 594918BK9 and Nok is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding MICROSOFT P 42 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 594918BK9 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 MICROSOFT P 42 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 594918BK9 i.e., 594918BK9 and Nok Airlines go up and down completely randomly.
Pair Corralation between 594918BK9 and Nok Airlines
If you would invest 9,853 in MICROSOFT P 42 on October 9, 2024 and sell it today you would earn a total of 162.00 from holding MICROSOFT P 42 or generate 1.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.0% |
| Values | Daily Returns |
MICROSOFT P 42 vs. Nok Airlines Public
Performance |
| Timeline |
| MICROSOFT P 42 |
| Nok Airlines Public |
594918BK9 and Nok Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 594918BK9 and Nok Airlines
The main advantage of trading using opposite 594918BK9 and Nok Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 594918BK9 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.| 594918BK9 vs. NuRAN Wireless | 594918BK9 vs. Hewlett Packard Enterprise | 594918BK9 vs. Pinterest | 594918BK9 vs. Dave Busters Entertainment |
| Nok Airlines vs. Kuya Silver | Nok Airlines vs. Hunter Creek Mining | Nok Airlines vs. Addus HomeCare | Nok Airlines 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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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