Correlation Between Eastman Kodak and Guitammer
Can any of the company-specific risk be diversified away by investing in both Eastman Kodak and Guitammer 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 Eastman Kodak and Guitammer into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Eastman Kodak Co and The Guitammer, you can compare the effects of market volatilities on Eastman Kodak and Guitammer 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 Eastman Kodak with a short position of Guitammer. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eastman Kodak and Guitammer.
Diversification Opportunities for Eastman Kodak and Guitammer
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Eastman and Guitammer is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Eastman Kodak Co and The Guitammer in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guitammer and Eastman Kodak 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 Eastman Kodak Co are associated (or correlated) with Guitammer. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guitammer has no effect on the direction of Eastman Kodak i.e., Eastman Kodak and Guitammer go up and down completely randomly.
Pair Corralation between Eastman Kodak and Guitammer
If you would invest 636.00 in Eastman Kodak Co on December 29, 2023 and sell it today you would lose (156.00) from holding Eastman Kodak Co or give up 24.53% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Eastman Kodak Co vs. The Guitammer
Performance |
Timeline |
Eastman Kodak |
Guitammer |
Risk-Adjusted Performance
0 of 100
Low | High |
Very Weak
Eastman Kodak and Guitammer Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Eastman Kodak and Guitammer
The main advantage of trading using opposite Eastman Kodak and Guitammer positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eastman Kodak position performs unexpectedly, Guitammer 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 Guitammer will offset losses from the drop in Guitammer's long position.Eastman Kodak vs. Desktop Metal | Eastman Kodak vs. Fabrinet | Eastman Kodak vs. Kimball Electronics | Eastman Kodak vs. Knowles Cor |
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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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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