Correlation Between Eni SPA and Nok Airlines
Can any of the company-specific risk be diversified away by investing in both Eni SPA 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 Eni SPA and Nok Airlines into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Eni SpA ADR and Nok Airlines Public, you can compare the effects of market volatilities on Eni SPA 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 Eni SPA with a short position of Nok Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eni SPA and Nok Airlines.
Diversification Opportunities for Eni SPA and Nok Airlines
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Eni and Nok is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Eni SpA ADR 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 Eni SPA 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 Eni SpA ADR 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 Eni SPA i.e., Eni SPA and Nok Airlines go up and down completely randomly.
Pair Corralation between Eni SPA and Nok Airlines
If you would invest 3,431 in Eni SpA ADR on September 10, 2025 and sell it today you would earn a total of 294.00 from holding Eni SpA ADR or generate 8.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 98.44% |
| Values | Daily Returns |
Eni SpA ADR vs. Nok Airlines Public
Performance |
| Timeline |
| Eni SpA ADR |
| Nok Airlines Public |
Eni SPA and Nok Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eni SPA and Nok Airlines
The main advantage of trading using opposite Eni SPA and Nok Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eni SPA 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.| Eni SPA vs. Kinder Morgan | Eni SPA vs. Equinor ASA ADR | Eni SPA vs. Energy Transfer LP | Eni SPA vs. TC Energy Corp |
| Nok Airlines vs. Chorus Aviation | Nok Airlines vs. China Everbright International | Nok Airlines vs. Aida Engineering Ltd | Nok Airlines vs. SFC Energy AG |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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