Correlation Between Nok Airlines and AAC TECHNOLOGHLDGADR
Can any of the company-specific risk be diversified away by investing in both Nok Airlines and AAC TECHNOLOGHLDGADR 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 AAC TECHNOLOGHLDGADR into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nok Airlines PCL and AAC TECHNOLOGHLDGADR, you can compare the effects of market volatilities on Nok Airlines and AAC TECHNOLOGHLDGADR 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 AAC TECHNOLOGHLDGADR. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nok Airlines and AAC TECHNOLOGHLDGADR.
Diversification Opportunities for Nok Airlines and AAC TECHNOLOGHLDGADR
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Nok and AAC is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nok Airlines PCL and AAC TECHNOLOGHLDGADR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AAC TECHNOLOGHLDGADR 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 PCL are associated (or correlated) with AAC TECHNOLOGHLDGADR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AAC TECHNOLOGHLDGADR has no effect on the direction of Nok Airlines i.e., Nok Airlines and AAC TECHNOLOGHLDGADR go up and down completely randomly.
Pair Corralation between Nok Airlines and AAC TECHNOLOGHLDGADR
If you would invest 195.00 in AAC TECHNOLOGHLDGADR on April 24, 2025 and sell it today you would earn a total of 233.00 from holding AAC TECHNOLOGHLDGADR or generate 119.49% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Nok Airlines PCL vs. AAC TECHNOLOGHLDGADR
Performance |
Timeline |
Nok Airlines PCL |
AAC TECHNOLOGHLDGADR |
Nok Airlines and AAC TECHNOLOGHLDGADR Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Nok Airlines and AAC TECHNOLOGHLDGADR
The main advantage of trading using opposite Nok Airlines and AAC TECHNOLOGHLDGADR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nok Airlines position performs unexpectedly, AAC TECHNOLOGHLDGADR 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 AAC TECHNOLOGHLDGADR will offset losses from the drop in AAC TECHNOLOGHLDGADR's long position.Nok Airlines vs. SUN ART RETAIL | Nok Airlines vs. FOKUS MINING P | Nok Airlines vs. Perseus Mining Limited | Nok Airlines vs. Yanzhou Coal Mining |
AAC TECHNOLOGHLDGADR vs. MCEWEN MINING INC | AAC TECHNOLOGHLDGADR vs. ANDRADA MINING LTD | AAC TECHNOLOGHLDGADR vs. Metallurgical of | AAC TECHNOLOGHLDGADR vs. CORNISH METALS INC |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
Performance Analysis Check effects of mean-variance optimization against your current asset allocation |