Correlation Between Eastman Kodak and 29670GAG7
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By analyzing existing cross correlation between Eastman Kodak Co and WTRG 53 01 MAY 52, you can compare the effects of market volatilities on Eastman Kodak and 29670GAG7 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 29670GAG7. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eastman Kodak and 29670GAG7.
Diversification Opportunities for Eastman Kodak and 29670GAG7
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Eastman and 29670GAG7 is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Eastman Kodak Co and WTRG 53 01 MAY 52 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WTRG 53 01 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 29670GAG7. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WTRG 53 01 has no effect on the direction of Eastman Kodak i.e., Eastman Kodak and 29670GAG7 go up and down completely randomly.
Pair Corralation between Eastman Kodak and 29670GAG7
Given the investment horizon of 90 days Eastman Kodak Co is expected to generate 4.25 times more return on investment than 29670GAG7. However, Eastman Kodak is 4.25 times more volatile than WTRG 53 01 MAY 52. It trades about 0.13 of its potential returns per unit of risk. WTRG 53 01 MAY 52 is currently generating about -0.06 per unit of risk. If you would invest 491.00 in Eastman Kodak Co on September 24, 2024 and sell it today you would earn a total of 194.00 from holding Eastman Kodak Co or generate 39.51% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 87.5% |
Values | Daily Returns |
Eastman Kodak Co vs. WTRG 53 01 MAY 52
Performance |
Timeline |
Eastman Kodak |
WTRG 53 01 |
Eastman Kodak and 29670GAG7 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Eastman Kodak and 29670GAG7
The main advantage of trading using opposite Eastman Kodak and 29670GAG7 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eastman Kodak position performs unexpectedly, 29670GAG7 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 29670GAG7 will offset losses from the drop in 29670GAG7's long position.Eastman Kodak vs. SMX Public Limited | Eastman Kodak vs. System1 | Eastman Kodak vs. Lichen China Limited | Eastman Kodak vs. Team Inc |
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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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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