Correlation Between Kenon Holdings and Nok Airlines
Can any of the company-specific risk be diversified away by investing in both Kenon Holdings and Nok Airlines 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 Kenon Holdings and Nok Airlines into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kenon Holdings and Nok Airlines Public, you can compare the effects of market volatilities on Kenon Holdings 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 Kenon Holdings with a short position of Nok Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kenon Holdings and Nok Airlines.
Diversification Opportunities for Kenon Holdings and Nok Airlines
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Kenon and Nok is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Kenon Holdings 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 Kenon Holdings 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 Kenon Holdings 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 Kenon Holdings i.e., Kenon Holdings and Nok Airlines go up and down completely randomly.
Pair Corralation between Kenon Holdings and Nok Airlines
If you would invest 2,941 in Kenon Holdings on December 18, 2024 and sell it today you would earn a total of 584.00 from holding Kenon Holdings or generate 19.86% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Kenon Holdings vs. Nok Airlines Public
Performance |
Timeline |
Kenon Holdings |
Nok Airlines Public |
Kenon Holdings and Nok Airlines Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Kenon Holdings and Nok Airlines
The main advantage of trading using opposite Kenon Holdings and Nok Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kenon Holdings 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.Kenon Holdings vs. Vistra Energy Corp | Kenon Holdings vs. Pampa Energia SA | Kenon Holdings vs. NRG Energy | Kenon Holdings vs. TransAlta Corp |
Nok Airlines vs. Enlight Renewable Energy | Nok Airlines vs. Summit Midstream | Nok Airlines vs. Black Hills | Nok Airlines vs. American Electric Power |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
Share Portfolio Track or share privately all of your investments from the convenience of any device | |
Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine |