Correlation Between HARDWARIO and Nokia Oyj

Can any of the company-specific risk be diversified away by investing in both HARDWARIO and Nokia Oyj 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 HARDWARIO and Nokia Oyj into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between HARDWARIO as and Nokia Oyj, you can compare the effects of market volatilities on HARDWARIO and Nokia Oyj 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 HARDWARIO with a short position of Nokia Oyj. Check out your portfolio center. Please also check ongoing floating volatility patterns of HARDWARIO and Nokia Oyj.

Diversification Opportunities for HARDWARIO and Nokia Oyj

0.0

Correlation Coefficient

HARDWARIO  Nokia Oyj

Pay attention - limited upside

The 3 months correlation between HARDWARIO and Nokia is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding HARDWARIO as and Nokia Oyj in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nokia Oyj and HARDWARIO 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 HARDWARIO as are associated (or correlated) with Nokia Oyj. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nokia Oyj has no effect on the direction of HARDWARIO i.e., HARDWARIO and Nokia Oyj go up and down completely randomly.

Pair Corralation between HARDWARIO and Nokia Oyj

If you would invest  0.00  in Nokia Oyj on April 24, 2025 and sell it today you would earn a total of  0.00  from holding Nokia Oyj or generate 0.0% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	1.59%
Values	Daily Returns

HARDWARIO as  vs.  Nokia Oyj

HARDWARIO as

Risk-Adjusted Performance

Very Weak

Over the last 90 days HARDWARIO as has generated negative risk-adjusted returns adding no value to investors with long positions. Even with relatively invariable basic indicators, HARDWARIO is not utilizing all of its potentials. The latest stock price agitation, may contribute to short-term losses for the retail investors.

Nokia Oyj

Risk-Adjusted Performance

Very Weak

Over the last 90 days Nokia Oyj has generated negative risk-adjusted returns adding no value to investors with long positions. Even with relatively invariable basic indicators, Nokia Oyj is not utilizing all of its potentials. The current stock price agitation, may contribute to short-term losses for the retail investors.

Pair Trading with HARDWARIO and Nokia Oyj

The main advantage of trading using opposite HARDWARIO and Nokia Oyj positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HARDWARIO position performs unexpectedly, Nokia Oyj 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 Nokia Oyj will offset losses from the drop in Nokia Oyj's long position.

The idea behind HARDWARIO as and Nokia Oyj pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.