Correlation Between VHAI and Nextnav Acquisition
Can any of the company-specific risk be diversified away by investing in both VHAI and Nextnav Acquisition 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 VHAI and Nextnav Acquisition into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between VHAI and Nextnav Acquisition Corp, you can compare the effects of market volatilities on VHAI and Nextnav Acquisition 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 VHAI with a short position of Nextnav Acquisition. Check out your portfolio center. Please also check ongoing floating volatility patterns of VHAI and Nextnav Acquisition.
Diversification Opportunities for VHAI and Nextnav Acquisition
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between VHAI and Nextnav is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding VHAI and Nextnav Acquisition Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nextnav Acquisition Corp and VHAI 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 VHAI are associated (or correlated) with Nextnav Acquisition. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nextnav Acquisition Corp has no effect on the direction of VHAI i.e., VHAI and Nextnav Acquisition go up and down completely randomly.
Pair Corralation between VHAI and Nextnav Acquisition
If you would invest (100.00) in VHAI on December 8, 2024 and sell it today you would earn a total of 100.00 from holding VHAI or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
VHAI vs. Nextnav Acquisition Corp
Performance |
| Timeline |
| VHAI |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Nextnav Acquisition Corp |
VHAI and Nextnav Acquisition Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with VHAI and Nextnav Acquisition
The main advantage of trading using opposite VHAI and Nextnav Acquisition positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if VHAI position performs unexpectedly, Nextnav Acquisition 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 Nextnav Acquisition will offset losses from the drop in Nextnav Acquisition's long position.| VHAI vs. Westrock Coffee | ||
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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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