Correlation Between Nok Airlines and Coeur DAlene
Can any of the company-specific risk be diversified away by investing in both Nok Airlines and Coeur DAlene 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 Nok Airlines and Coeur DAlene into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nok Airlines Public and Coeur dAlene Bancorp, you can compare the effects of market volatilities on Nok Airlines and Coeur DAlene 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 Nok Airlines with a short position of Coeur DAlene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nok Airlines and Coeur DAlene.
Diversification Opportunities for Nok Airlines and Coeur DAlene
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Nok and Coeur is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nok Airlines Public and Coeur dAlene Bancorp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Coeur dAlene Bancorp and Nok Airlines 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 Nok Airlines Public are associated (or correlated) with Coeur DAlene. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Coeur dAlene Bancorp has no effect on the direction of Nok Airlines i.e., Nok Airlines and Coeur DAlene go up and down completely randomly.
Pair Corralation between Nok Airlines and Coeur DAlene
If you would invest 1,500 in Coeur dAlene Bancorp on September 18, 2024 and sell it today you would earn a total of 175.00 from holding Coeur dAlene Bancorp or generate 11.67% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 98.44% |
Values | Daily Returns |
Nok Airlines Public vs. Coeur dAlene Bancorp
Performance |
Timeline |
Nok Airlines Public |
Coeur dAlene Bancorp |
Nok Airlines and Coeur DAlene Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Nok Airlines and Coeur DAlene
The main advantage of trading using opposite Nok Airlines and Coeur DAlene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nok Airlines position performs unexpectedly, Coeur DAlene 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 Coeur DAlene will offset losses from the drop in Coeur DAlene's long position.Nok Airlines vs. Delek Logistics Partners | Nok Airlines vs. Old Dominion Freight | Nok Airlines vs. Harmony Gold Mining | Nok Airlines vs. Summit Materials |
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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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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