Correlation Between Nok Airlines and Contextlogic
Can any of the company-specific risk be diversified away by investing in both Nok Airlines and Contextlogic 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 Contextlogic 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 Contextlogic, you can compare the effects of market volatilities on Nok Airlines and Contextlogic 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 Contextlogic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nok Airlines and Contextlogic.
Diversification Opportunities for Nok Airlines and Contextlogic
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Nok and Contextlogic is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nok Airlines Public and Contextlogic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Contextlogic 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 Contextlogic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Contextlogic has no effect on the direction of Nok Airlines i.e., Nok Airlines and Contextlogic go up and down completely randomly.
Pair Corralation between Nok Airlines and Contextlogic
If you would invest 712.00 in Contextlogic on April 27, 2025 and sell it today you would earn a total of 27.00 from holding Contextlogic or generate 3.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 60.94% |
| Values | Daily Returns |
Nok Airlines Public vs. Contextlogic
Performance |
| Timeline |
| Nok Airlines Public |
| Contextlogic |
Risk-Adjusted Performance
Insignificant
Weak | Strong |
Nok Airlines and Contextlogic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nok Airlines and Contextlogic
The main advantage of trading using opposite Nok Airlines and Contextlogic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nok Airlines position performs unexpectedly, Contextlogic 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 Contextlogic will offset losses from the drop in Contextlogic's long position.| Nok Airlines vs. Precision Optics, | Nok Airlines vs. Douglas Emmett | Nok Airlines vs. Postal Realty Trust | Nok Airlines vs. Playstudios |
| Contextlogic vs. Kura Sushi USA | Contextlogic vs. Thor Industries | Contextlogic vs. Emerson Radio | Contextlogic vs. Park Hotels Resorts |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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