Nokia Corp Correlations

NOK Stock

USD 4.20 0.01 0.24%

The current 90-days correlation between Nokia Corp ADR and Hewlett Packard Enterprise is -0.06 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Nokia Corp moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Nokia Corp ADR moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Nokia Corp Correlation With Market

Average diversification

The correlation between Nokia Corp ADR and DJI is 0.14 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nokia Corp ADR and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Nokia Corp ADR. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in persons.

Moving together with Nokia Stock

0.69	ERIC	Telefonaktiebolaget Aggressive Push	Pair Corr
0.63	HIMX	Himax Technologies	Pair Corr

Moving against Nokia Stock

0.65	INFY	Infosys Ltd ADR	Pair Corr
0.39	WDAY	Workday	Pair Corr
0.35	UMC	United Microelectronics	Pair Corr

Related Correlations Analysis

	HPE	JNPR	MSI	CSCO	VIAV	AAOI	EXTR
HPE		-0.37	0.82	0.85	0.87	0.68	0.72	HPE
JNPR	-0.37		-0.57	-0.42	-0.39	-0.8	-0.36	JNPR
MSI	0.82	-0.57		0.92	0.88	0.9	0.68	MSI
CSCO	0.85	-0.42	0.92		0.95	0.79	0.68	CSCO
VIAV	0.87	-0.39	0.88	0.95		0.75	0.77	VIAV
AAOI	0.68	-0.8	0.9	0.79	0.75		0.65	AAOI
EXTR	0.72	-0.36	0.68	0.68	0.77	0.65		EXTR
	HPE	JNPR	MSI	CSCO	VIAV	AAOI	EXTR

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

VIAV	+ 0.95	CSCO
CSCO	+ 0.92	MSI
AAOI	+ 0.9	MSI
VIAV	+ 0.88	MSI
VIAV	+ 0.87	HPE
CSCO	+ 0.85	HPE

High negative correlations

AAOI	- 0.8	JNPR
MSI	- 0.57	JNPR
CSCO	- 0.42	JNPR
VIAV	- 0.39	JNPR
JNPR	- 0.37	HPE
EXTR	- 0.36	JNPR

Risk-Adjusted Indicators

There is a big difference between Nokia Stock performing well and Nokia Corp Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Nokia Corp's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
HPE	1.75	(0.01)	0.02	0.12	2.73	(1.69)	3.74	(4.18)	12.66
JNPR	0.40	(0.14)	0.00	(0.53)	0.00	0.00	0.81	(0.80)	5.98
MSI	0.81	0.14	0.10	0.38	0.62	(0.95)	1.71	(1.33)	9.87
CSCO	0.73	0.15	0.17	0.30	0.46	(0.85)	1.72	(1.14)	6.38
VIAV	1.37	0.03	0.06	0.15	1.68	(1.43)	3.02	(2.84)	9.98
AAOI	5.77	2.29	0.57	0.97	3.47	(7.50)	13.18	(5.85)	59.88
EXTR	1.91	(0.10)	0.02	0.08	2.17	(2.13)	3.95	(3.30)	18.17

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC