Correlation Between Sony and Eastman Kodak
Can any of the company-specific risk be diversified away by investing in both Sony and Eastman Kodak 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 Sony and Eastman Kodak into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sony Group and Eastman Kodak Co, you can compare the effects of market volatilities on Sony and Eastman Kodak 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 Sony with a short position of Eastman Kodak. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sony and Eastman Kodak.
Diversification Opportunities for Sony and Eastman Kodak
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Sony and Eastman is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Sony Group and Eastman Kodak Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eastman Kodak and Sony 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 Sony Group are associated (or correlated) with Eastman Kodak. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eastman Kodak has no effect on the direction of Sony i.e., Sony and Eastman Kodak go up and down completely randomly.
Pair Corralation between Sony and Eastman Kodak
If you would invest 350.00 in Eastman Kodak Co on December 30, 2023 and sell it today you would earn a total of 145.00 from holding Eastman Kodak Co or generate 41.43% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Sony Group vs. Eastman Kodak Co
Performance |
Timeline |
Sony Group |
Risk-Adjusted Performance
0 of 100
Low | High |
Very Weak
Eastman Kodak |
Sony and Eastman Kodak Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Sony and Eastman Kodak
The main advantage of trading using opposite Sony and Eastman Kodak positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sony position performs unexpectedly, Eastman Kodak 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 Eastman Kodak will offset losses from the drop in Eastman Kodak's long position.Sony vs. Bridgford Foods | Sony vs. Where Food Comes | Sony vs. Calliditas Therapeutics | Sony vs. Grocery Outlet Holding |
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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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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