Correlation Between Nextnav Acquisition and 50247VAC3
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By analyzing existing cross correlation between Nextnav Acquisition Corp and LYB INTL FIN, you can compare the effects of market volatilities on Nextnav Acquisition and 50247VAC3 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 Nextnav Acquisition with a short position of 50247VAC3. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nextnav Acquisition and 50247VAC3.
Diversification Opportunities for Nextnav Acquisition and 50247VAC3
-0.71 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Nextnav and 50247VAC3 is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding Nextnav Acquisition Corp and LYB INTL FIN in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on LYB INTL FIN and Nextnav Acquisition 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 Nextnav Acquisition Corp are associated (or correlated) with 50247VAC3. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LYB INTL FIN has no effect on the direction of Nextnav Acquisition i.e., Nextnav Acquisition and 50247VAC3 go up and down completely randomly.
Pair Corralation between Nextnav Acquisition and 50247VAC3
Allowing for the 90-day total investment horizon Nextnav Acquisition Corp is expected to generate 4.28 times more return on investment than 50247VAC3. However, Nextnav Acquisition is 4.28 times more volatile than LYB INTL FIN. It trades about 0.13 of its potential returns per unit of risk. LYB INTL FIN is currently generating about 0.0 per unit of risk. If you would invest 440.00 in Nextnav Acquisition Corp on October 7, 2024 and sell it today you would earn a total of 1,171 from holding Nextnav Acquisition Corp or generate 266.14% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 83.26% |
Values | Daily Returns |
Nextnav Acquisition Corp vs. LYB INTL FIN
Performance |
Timeline |
Nextnav Acquisition Corp |
LYB INTL FIN |
Nextnav Acquisition and 50247VAC3 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Nextnav Acquisition and 50247VAC3
The main advantage of trading using opposite Nextnav Acquisition and 50247VAC3 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nextnav Acquisition position performs unexpectedly, 50247VAC3 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 50247VAC3 will offset losses from the drop in 50247VAC3's long position.Nextnav Acquisition vs. NetScout Systems | Nextnav Acquisition vs. Priority Technology Holdings | Nextnav Acquisition vs. OneSpan | Nextnav Acquisition vs. Consensus Cloud Solutions |
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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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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